ADVANCE WATCH: Files for Ch. 11 With $15M Deal to Sell to Sunshine------------------------------------------------------------------Advance Watch Company Ltd. and three of its affiliates soughtChapter 11 bankruptcy protection in New York on Sept. 30, 2015,with an agreement to sell their assets to Sunshine Time Inc. for$15 million, subject to higher and better bids.

The Debtors listed total assets of $41.4 million and totalliabilities of $98 million. The liabilities include $13.3 millionowed to Wells Fargo, National Association, under a prepetition loanagreement; $26.2 million owed to Binda Italy, their ultimateparent; $30 million of intercompany claim payable to theirnon-debtor affiliate Advance Watch Company (Far East) Limited HongKong; and $6.7 million of unsecured trade vendors claims.

Headquartered in New York City, Advance Watch manufactures andsells timepieces under exclusive global licenses for fashion andlifestyle brands such as Kenneth Cole, Tommy Bahama, and Ted BakerLondon. The Company also maintained extensive sourcing andmanufacturing operations in Hong Kong and China.

According to the documents filed with the Court, from fiscal year2009 through 2012, subsequent to its acquisition by the predecessorentity to Binda Italy, the Company experienced steady sales growth,with gross revenue increasing from approximately $171.6 million in2009 to $221 million in 2012.

However, in June 2015, the Company suffered declining revenues asits ultimate Italian parent, Binda Italia Srl (Italy) became thesubject of insolvency proceedings in Italy. The proceedingsprevented the Company from accessing financing from Binda Italywhich, in turn, resulted to its inability to make payments to manyof its vendors causing inventory delays and product shortages.

"Beset by declining cash flow and revenues, the Company's abilityto access financing under the Wells Fargo loan deteriorated,forcing the Company to explore a restructuring of the business,"said Jeffrey L. Gregg, chief restructuring officer of AdvanceWatch.

The Company's financial struggles were not limited to its domesticoperations. On June 22, 2015, the Company's Hong Kong-basedaffiliate AWC Far East formally commenced liquidation proceedingsunder Hong Kong law. The Far East Companies had shut downoperations over personal threats related to past due amounts owedto the their suppliers.

As early as 2010, the Company's revenue started to drop as a resultof the termination of its license to produce and sell timepiecesfor Betsey Johnson, which accounted for $8.1 million in annualrevenue. In 2013, Binda Italy's license to produce and selltimepieces for luxury fashion company Dolce & Gabbana expiredwithout being renewed, causing an additional decrease of $25 to $30million in annual revenue for the Company.

According to Mr. Gregg, the Company continued to lose revenue andincur significant operating losses through calendar years 2014 and2015 due to operational challenges, weakness in the domestic watchmarket, failed new product launches, and the failure to alignoverhead costs to regain profitability. Moreover, approximately $7million of losses that accumulated during calendar year 2014 werediscovered in late 2014 as a result of financial recordkeepingerrors in 2014, requiring the Company to restate its interimfinancials for 2014.

Mr. Gregg believes that the Debtors' declining revenues areinsufficient to support the continued operation their business as awhole.

"I concluded that a sale of the Company or substantially all of theCompany's assets would best position the Company to maximize itsvalue and achieve long-term viability," he maintained.

To support the Debtors through the Chapter 11 process, they haveobtained a commitment from Wells Fargo for up to $18,500,000 inpostpetition financing, subject to Court approval.

The Debtors have engaged Venable LLP as attorneys, ImperialCapital, LLC as investment banker, Tanner De Witt as special HongKong counsel and Epiq Bankruptcy Solutions, LLC as notice, claimsand administrative agent.

As of the Petition Date, the Company has 113 full-and part-timeemployees and three independent contractors in the United Statesand internationally.

Contemporaneously with the filing of the petition, the Debtors areseeking Bankruptcy Court's authority to, among other things, payemployee compensation, obtain post-petition financing, use cashcollateral, use existing cash management system and pay shippingcharges, warehousing charges and possessory liens.

A copy of the declaration in support of the First Day Motions isavailable for free at:

AFFINION GROUP: Moody's Lowers Prob. of Default Rating to 'Ca-PD'-----------------------------------------------------------------Moody's Investors Service downgraded Affinion Group Holdings'Probability of Default rating to Ca-PD from Caa2-PD and AffinionInvestments' 13.5% senior subordinated notes due 2018 to Ca fromCaa3, reflecting elevated probability of default in the near termin light of the company's planned restructuring of its capitalstructure. Affinion Holdings' 13.75%/14.5% senior securedPIK/Toggle notes due 2018 were affirmed at Ca. Affinion's all otherratings, including its Caa2 Corporate Family Rating ("CFR") andexisting debt instrument ratings not subject to the exchange arenot currently impacted. The outlook remains negative.

RATINGS RATIONALE

On September 30, 2015, Affinion announced it reached a supportagreement with majority of its noteholders to help facilitatebalance sheet recapitalization. The company launched offers to theholders of $360 million 13.5% senior subordinated notes due 2018and $260.5 million 13.75%/14.5% senior secured PIK Toggle notes due2018 to exchange debt for common equity. Moody's will consider thedebt-for-equity swap affecting Affinion Holdings and AffinionInvestments existing notes as distressed exchanges since italleviates a capital structure that Moody's views as beingunsustainable over the medium term, and also results in asignificant economic loss to the bondholders. Moody's will appendAffinion's probability of default with an "/LD" designation at theclose of the debt exchange indicating limited default, which willbe removed after three business days. Post debt exchange,aforementioned noteholders will own substantially all of the equityin the company.

In conjunction with the proposed debt exchange, Affinion launched arights offering that will provide the company with incrementalliquidity. As part of a rights offering, the company plans to issuenew $110 million 7.5% Cash/PIK senior notes under AffinionInternational Holdings Limited ("Affinion International"), whichwill be available only to those noteholders that will beparticipating in the debt exchange.

Despite anticipated material reduction in debt and improvement inliquidity, including expected annual cash interest savings ofapproximately $50 million, Affinion's credit profile will remainchallenged because lack of sustained revenue and earnings growth,and uncertainty surrounding additional legal obligations that mayarise in the medium term. The restructuring of its balance sheetprovides the company substantial opportunity to focus onorganizational restructuring and improvement in operating resultsover the next few years, which is important since Affinion facessignificant debt maturities in 2018. Moody's expects Affinion'sdebt-to-EBITDA to remain in the 6.0-7.0 times range in FY 2016,assuming free cash flow turns positive and no voluntary debtprepayment during this period.

Upon completion of the debt exchange and rights offering, Moody'swill assess the company's CFR and debt instruments of the postexchange capital structure. If the company completesrecapitalization successfully, Moody's expects Affinion's CFR to beraised by at least one notch. However, the first lien and secondlien credit facilities as well as Affinion Group Inc.'s seniorunsecured notes due 2018 are not expected to be upgraded due to theloss of junior debt cushion upon recapitalization.

Moody's could downgrade Affinion's CFR if balance sheetrecapitalization does not take place leading to materially weakerliquidity profile, net revenues and operating cash flow continue todecline, or if Moody's believes the recovery at default couldweaken further. Moody's could upgrade Affinion's ratings if theproposed balance sheet recapitalization results in a material debtreduction such that debt-to-EBITDA is approaching 6.5 times andliquidity profile improves.

Moody's took the following rating actions on Affinion GroupHoldings, Inc.:

Affinion is a leading provider of marketing services and loyaltyprograms to many of the largest financial service companiesglobally. Affinion provides credit monitoring and identity-theftresolution, accidental death and dismemberment insurance, discounttravel services, loyalty programs, and various checking account andcredit card enhancement services. Affinion generated revenues ofapproximately $1.2 billion for the twelve months ended June 30,2015.

On Sept. 28, 2015, Alcoa announced that its Board of Directorsapproved a plan to separate into two independent, publicly tradedcompanies. The transaction is intended to qualify as a tax-freetransaction and it is expected to be completed in the second halfof 2016. The Upstream Company (UC) will comprise the units thattoday make up Global Primary Products, and the Value-Add Company(VAC) will include the Global Rolled Products and EngineeredProducts and Solutions (EPS) units. The company intends tocapitalize the UC targeting a strong non-investment-grade rating.The VAC is to be capitalized targeting an investment-grade rating.Pursuant to the company's 8K filed Sept. 29, 2015, the debt ofAlcoa would be retained by the VAC.

KEY ASSUMPTIONS

-- The former EPS businesses are expected to benefit from the recent acquisitions of Firth Rixon, Tital and RTI International as well as internal growth;

-- LME Aluminum prices remain fairly flat over the next 24 months as new capacity is added at the low end of the cost curve;

-- Dis-synergies and make-whole premiums associated with the transactions are modest;

-- Cash and pension obligations will be apportioned in consideration of the Alcoa's rating targets;

-- Free cash flow (FCF) generation will remain a goal of each company;

-- There will be no shareholder distributions solely as a result of the transaction.

The UC had a very strong 2014 which weakened thereafter on loweraluminum prices. Alcoa has significantly restructured thisbusiness to lower costs as well as reduce exposure to the LMEprice, but aluminum price is a key determinant of earnings. Fitchbelieves FFO gross leverage of 3x and below is consistent with astrong non-investment-grade rating.

Fitch believes the VAC has more consistent margins and lowercommodity price risk. Fitch believes FFO gross leverage of2.5x-2.75x is consistent with an investment-grade rating for thisentity.

COMPANY PROFILE

Earnings and cash flow benefit from Alcoa's leading positions inaluminum, key aerospace, automotive and construction markets,strong control of costs and spending, and the flexibility affordedby the scope of its operations. The UC benefits from beingvertically integrated and geographically diversified. The VACbenefits from scale in research and development, past restructuringefforts, and growing end-market demand.

RATING SENSITIVITIES

The Rating Watch Positive will be addressed when the VAC capitalstructure is known.

-- FFO adjusted net leverage expected to be sustainably above 3x and FCF negative in the amount of $200 million or more on

average.

POSITIVE: Future developments that may lead to a positive ratingaction include:

-- FFO adjusted net leverage at the issuer expected to be sustainably under 2.5x-2.75x, and FCF positive on average.

-- EBIT margins of at least 8% on average.

LIQUIDITY

At June 30, 2015, the $4 billion revolver maturing July 25, 2019was fully available and cash on hand was $1.3 billion. Therevolver has a covenant that limits consolidated indebtedness to150% of consolidated net worth.

As of Dec. 31, 2014, near-term scheduled debt maturities were: $29million in 2015, $28 million in 2016, $767 million in 2017, $1billion in 2018, and $772 million in 2019.

PENSION CONTRIBUTIONS

According to the company's form 10K, at Dec. 31, 2014, aggregatepension plans were underfunded by $3.3 billion, with U.S. pensionplans underfunded by $2.7 billion on a U.S. GAAP basis. Whilefunding was 75% on a GAAP basis, management announced that it is90%+ funded on an ERISA basis. The minimum required contributionto pension plans is estimated to be $485 million in 2015.Management intends to apportion the obligations and assetsaccording to the entity where the associated employees/retireeworked.

ALLIANCE ONE: Presented at Annual Deutsche Bank Conference----------------------------------------------------------Alliance One International, Inc. furnished with the Securities andExchange Commission slides accompanying the presentation made byrepresentatives of the Company on Sept. 29, 2015, at the 23rdAnnual Deutsche Bank Leveraged Finance Conference held inScottsdale, Arizona. A copy of the Investor Presentation isavailable for free at http://is.gd/3Xcesb

About Alliance One

Alliance One International is a leading global independent leafmerchant. Visit the Company's Web site at http://www.aointl.com/

Alliance One reported a net loss of $15.6 million on $2.10 billionof sales and other operating revenues for the year ended March 31,2015, compared to a net loss of $87 million on $2.3 billion ofsales and other operating revenues for the year ended March 31,2014.

* * *

As reported by the TCR on Feb. 12, 2015, Moody's Investor Servicedowngraded the Corporate Family Rating of Alliance OneInternational, Inc. (AOI) to Caa1 from B3. The downgrade of AOI'sCFR to Caa1 reflects Moody's expectation that credit metrics willremain weak over the next 12 - 18 months.

The TCR reported on April 13, 2015, that Standard & Poor's RatingsServices lowered its corporate credit rating on Morrisville,N.C.-based Alliance One International Inc. to 'CCC+' from 'B-'.

ALPHA NATURAL: Gets Final Approval to Obtain $692-Mil. Loan-----------------------------------------------------------A federal judge approved a $692 million financing to get AlphaNatural Resources through bankruptcy.

Judge Kevin Huennekens of the U.S. Bankruptcy Court for the EasternDistrict of Virginia gave final approval to the loan to be providedby a group led by the coal miner's first and second lien lenders.

The financing package includes a $300 million term loan, a portionof which had been used to fund a cash collateralized letter ofcredit facility.

The term loan is secured by substantially all assets of thecompany. The lenders will also get "superpriority" claims, courtfilings show.

The court order also allowed Alpha Natural to continue to useso-called cash collateral securing its pre-bankruptcy debt. A copyof the order is available for free at http://is.gd/6Vvdk2

Prior to the approval, the company had reached agreements withcreditors opposed to the financing that cleared the way for it toborrow $692 million to finance its bankruptcy.

Alpha Natural's unsecured creditors and mine workers initiallyopposed its plan to borrow the money, fearing it would burden thecompany with more debt. They also questioned its proposal to grantthe lenders new liens on unencumbered assets.

In response, the company explained what would happen should it failto get the loan. Citibank N.A., the administrative agent for thelenders, and a group of second lien noteholders also defended thefinancing.

Alpha Natural also received objections from a group of lessors,which demanded the company to clarify that the liens to be grantedto lenders will not attach to any payments due to lessors.

About Alpha Natural

Alpha Natural -- http://www.alphanr.com/-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers asmeasured by 2014 consolidated revenues of $4.3 billion.

Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)and its affiliates filed separate Chapter 11 bankruptcy petitionson Aug. 3, 2015, listing $9.9 billion in total assets as of June30, 2015, and $7.3 billion in total liabilities as of June 30,2015. The petition was signed by Richard H. Verheij, executivevice president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the case.

David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,Esq., at Jones Day serve as the Debtors' general counsel.

Judge William V. Altenberger will convene a hearing on Nov. 10,2015, at 9:00 a.m. to consider approval of the disclosure statementexplaining the terms of the Plan. Objections to the DisclosureStatement, as amended Sept. 23, 2015, are due Oct. 29, 2015.

The Debtor owns a 1,295-acre property in Scott County, Virginia,and has mineral rights to an adjoining 3,219-acre property. According to the Debtor, a coal assessment geographical survey hasestimated that there are 115,704,000 tons of recoverable coalunderlying the property. An appraisal completed in Februaryconsiders the value to be $625 million on the recoverable coalreserves.

However, according to the Debtor, due to the depressed coalmarkets, it does not believe the current market would realize anybid near the appraised value.

Webb Creek, located in Rome, Georgia, has submitted a detailedproposal to monetize and sell approximately 1,248 acres plus allrights from that acreage. The net proceeds the Debtor will realizefrom the transactions will be approximately $6 million, which willbe sufficient to pay all creditors in full. The delivery of thefunds to the Debtor's disbursement agent will occur prior to Dec.31, 2015. Payment to the creditors will be shortly after thereceipt of the funds by the disbursing agent.

The Debtor says it will shortly file a sale motion with theBankruptcy Court. The motion to sell and approval of the plan ofreorganization are anticipated to occur simultaneously.

The Debtor says the Webb Creek offer is time sensitive.

As of Sept. 3, 2015, the estimated claims and debt of Alvion to bepaid is $2.37 million, not including administrative claimsestimated to be under $10,000. According to the Debtor, GeorgeHoward, on Sept. 10, 2015, filed a mechanics lien claim for $4.50million. The Debtor contends that the Howard claim is totallybaseless.

Pursuant to the Plan, creditors with debts entitled to priorityunder Sec. 507 (Class 1), if any, the secured claim of FarmersState Bank of Alto Pass (Class 2), and general unsecured claims(Class 3) are unimpaired and will be paid in full, with interest,from the proceeds of the sale transaction. Stockholders (Class 4)will retain ownership of all property of the estate except asprovided by the Plan.

The Debtor reserves the right to pursue any preferential paymentsand fraudulent conveyances that may be available to the estateprior to completion of the Chapter 11 plan. The Debtor says it hasa cause of action against Bern Weber for fraud, embezzlement andmismanagement, against the Farmers State Bank or failure to releaseits interest in minerals, Case Coal LLC for breach of lease, andagainst George Howard for lease fees, timber, and intentionalinterference with contractual relationships.

A copy of the First Amended Disclosure Statement dated Sept. 23,2015, is available for free at:

The Debtor filed an amended disclosure statement after "page 5" wasinadvertently omitted in the original filing.

About Alvion Properties

Alvion Properties, Inc., is a Virginia corporation formed in 1995with the placement of real property and mineral rights it ownstoday. Alvion owns 1,295 acres of undeveloped land, withsignificant coal reserves along with timber and building stone, inScott County, Virginia. Alvion also owns an additional 3,219 acresof mineral rights in property north of its fee simple ownership.

The current stockholders are Harold M. (Jack) Reynolds and ShirleyMedley. Mr. Reynolds owns several entities involved in the coalbusiness. Shirley and her family also owned coal mines from 1970to 2010.

The Debtor disclosed total assets of $1 billion and total debts of$2.7 million in its petition.

Antonik Law Offices serves as the Debtor's counsel.

The meeting of creditors was held on June 17, 2015.

On June 18, 2015, the U.S. trustee overseeing the Debtor's caseannounced that it was unable to form a committee to represent theDebtor's unsecured creditors.

AMERICAN ACCESS: A.M. Best Affirms 'B(Fair)' Finc'l Strength Rating-------------------------------------------------------------------A.M. Best Co. has downgraded the issuer credit rating (ICR) to "bb"from "bb+" and affirmed the financial strength rating (FSR) of B(Fair) of American Access Casualty Company (AACC) (Chicago, IL). The outlook for the FSR has been revised to negative from stablewhile the outlook for the ICR remains negative. Concurrently, A.M.Best has withdrawn all ratings due to management's request to nolonger participate in A.M. Best's interactive rating process.

The rating actions reflect the decline in AACC's risk-adjustedcapitalization as a result of significant premium and exposuregrowth that has led to unfavorable underwriting leverage measurescompared with the non-standard auto composite. Additionally,adverse loss reserve development over the recent three-year periodwas caused by increased exposure growth and bodily injury losses inNevada and Illinois and contributed to the overall decline inunderwriting profitability in the most-recent five-year period.

However, somewhat offsetting this decline in risk-adjustedcapitalization is AACC's prior track record in generating pretaxoperating profitability due primarily to fee income.

AMERICAN EAGLE ENERGY: Has $92.7-Mil. Net Loss in Second Quarter----------------------------------------------------------------American Eagle Energy Corporation filed with the U.S. Securitiesand Exchange Commission its quarterly report on Form 10-Q,disclosing a net loss of $92.7 million on $7.14 million of oil andgas sales for the three months ended June 30, 2015, compared to anet loss of $3.9 million on $16.5 million of oil and gas sales forthe same period in 2014.

The Company's balance sheet at June 30, 2015, showed $116 millionin total assets, $212 million in total liabilities, and astockholders' deficit of $95.7 million.

As of June 30, 2015, the Company's liabilities exceed its assets byapproximately $95.7 million. In addition, the Company is indefault under the terms of the Indenture related to its outstandingBonds, as a result of paying only a portion of the interest thatwas due on the Bonds as of March 31, 2015, as well as the failureto meet or maintain a number of financial ratios required by theBond Indenture.

The sharp decline in oil prices that occurred during the latterpart of 2014, and the continued depressed pricing, has materiallyreduced the revenues that were generated from the sale of theCompany's oil and gas production volumes during that period, which,in turn, negatively affected the Company's year-end working capitalbalance. The potential for future oil prices to remain at theircurrent price levels for an extended period of time raisessubstantial doubt regarding the Company's ability to continue as agoing concern.

Littleton, Colorado-based American Eagle Energy Corporation isengaged in the acquisition, exploration and development of oil andgas properties. The Company is primarily focused on extractingproved oil reserves from those properties.

The offers have been extended four times most recently through Oct.26, 2015. On July 28, 2015, term loan lenders delivered a letterto the term loan administrative agent (the Agent) directing theAgent to refrain from executing documentation relating to theExchange Offers. On Sept. 16, 2015, a holder of senior unsecureddebt filed suit in state court in Manhattan, seeking a declarationthat the exchange is permissible without consent and an orderbarring the term loan lenders from blocking the restructuring.There has been no judgement on the matter as yet.

Procedurally, if the exchanges are executed as proposed, Fitchwould lower the IDR on Arch to 'RD', reflecting the DDESubsequently, assuming no change to current assumptions, Fitchexpects to upgrade the IDR on Arch to at most 'CCC'.

Fitch believes Arch's current capital structure is unsustainableand that restructuring is necessary. Failure to execute arestructuring outside of court would likely result in bankruptcy.

KEY RATING DRIVERS

UPDATED RECOVERY ANALYSIS

Fitch's analysis is based on a going concern enterprise value ofnearly $2.5 billion (down from $3.2 billion) derived from a $400million EBITDA (down from $537 million) and a 5.5x multiple (downfrom 6x). Under this valuation, and the current capital structure,the first-lien senior secured debt including full utilization ofthe $250 million revolver, has superior recovery given default, butthe second lien and unsecured debt have poor recovery prospects. Under these assumptions, should the exchanges occur as currentlystructured, the recovery for the first lien creditors would dropfrom 89% to 83%.

As outlined below in Key Assumptions, Fitch is assuming a fairlyslow recovery even though the coal price slide began in earnest in2012. As such, Fitch does not anticipate earnings to reach our$400 million EBITDA case through 2017. At an EBITDA assumption of$330 million, under the current capital structure, the seniorsecured debt has a superior recovery at 73%. Under the $330million EBITDA assumption, should the exchanges occur as currentlystructured, the recovery for the first lien creditors would dropfrom 73% to 68%.

A substantial portion of domestic coal production is inrestructuring. Alpha Natural Resources, Inc., Walter Energy, Inc.,James River Coal Company, and Patriot Coal Corporation, together,accounted for about 13% of U.S. coal production in 2013 and Archaccounted for an additional 13%. Recently, coal assets havechanged hands at very distressed values comprising little or nocash given the need to invest in capital and fund reclamationexpenditures as well as legacy pension and other post-retirementliabilities.

In contrast to other restructuring companies, Arch benefits fromrelatively low exposure to employee legacy liabilities and, as ofDec. 31, 2015, only six of its 5,000 employees belong to a union.Self-bonding of $458.5 million, $177.7 million surety bonds, and$3.5 million in secured letters of credit support reclamationobligations as of Dec. 31, 2014. These would need to be assumed orreplaced in the event of asset sales or an acquisition.

Steam coal demand in the U.S. is currently suffering from heavycompetition from very low natural gas prices; supply has beendisciplined, but stocks are on the high side and prices are soft.Lack of new coal-fired power plant builds and shuttering obsoleteplants is expected to result in a 10%-15% decline in coalproduction over the medium term. The U.S. steel industry iscurrently suffering from import competition which weighs ondomestic metallurgical (met) coal consumption.

Globally, both met and steam coal markets are in excess supply andprices are weak. Coal producers have been running for cash with afocus on reducing costs which has delayed price recovery. Inparticular, Fitch believes the hard coking coal bench mark pricecould average about $105/tonne (t) and the Newcastle steam coalbenchmark could be below $60/t over the next 12 months versuscurrent prices of $89/t and $67.80/t respectively. U.S. exports,which peaked at 125 million tons in 2011, are challenged by railtransport to port and the strong U.S. dollar. Fitch expects U.S.exports to drop back into the 50 million ton range over the mediumterm.

COMPANY PROFILE

Arch Coal benefits from large, well-diversified operations and goodcontrol of low-cost production. Globally, Arch is the sixthlargest coal producer based on volumes. The company sold 134million tons of coal in 2014. As of June 30, 2015, roughly 97% ofexpected 2015 steam coal production volumes are committed andpriced. Assuming no change in sales volume for 2016, about 47% ofsteam tons are committed and priced. The company has the thirdlargest coal reserve position in the U.S. at 5.1 billion tons.

-- Failure to pay debt service within grace periods and or bankruptcy filing would result in a downgrade of the IDR to 'D'; the senior secured revolving credit and term loans downgraded to 'CCC-'.

-- Completion of the DDE would result in the IDR being downgraded to 'RD'.

Positive: Future developments that may lead to a positive ratingaction include:

-- Re-rating of the resulting capital structure following successful completion of the DDE. Fitch expects the IDR to be at best 'CCC' and the junior first lien, second lien, and

senior unsecured 'CC'.

LIQUIDITY AND DEBT STRUCTURE

LIQUIDITY

At June 30, 2015, cash on hand was $440 million, short-terminvestments were $250 million, and $123 million was available underthe company's credit facilities. The $200 million accountsreceivable facility has a stated maturity in December 2017. The$250 million revolving credit facility matures in June 2016.Revolver covenants include a maximum net senior secured leverageratio of 5:1 from June 30, 2015 with step-downs thereafter and aminimum liquidity of $550 million through Dec. 30, 2015. Fitchexpects cash and short-term investments to provide sufficientliquidity through 2017.

-- $18 million semi-annual coupon on the $500 million 7.25% notes due on Oct. 1, 2015;

-- $89.7 million aggregate semi-annual coupons on the $1 billion 7% notes, the $375 million 9.875% notes and the $1 billion 7.25% notes due on Dec. 15, 2015;

-- $14 million semi-annual coupon on the $350 million 8% notes due on Jan. 1, 2016.

FREE CASH FLOW BURN

Cash burn is expected to continue absent substantial recovery inmet coal prices. Under the current capital structure, guidance forcash interest expense is $360 million to $370 million and forcapital expenditure, $130 million to $140 million for 2015. Fitchexpects cash burn of at least $200 million per year through 2017.

CAPITAL STRUCTURE

Arch's actions to preserve liquidity since 2012 coupled with threeyears of losses have resulted in a debt/capital ratio at 77%. Theexchanges could improve debt/capitalization below 70% and improveinterest coverage although Fitch expects this to remain below 1xfor 2015.

Estimated current scheduled maturities of debt are $34.4 million in2015, $29.9 million in 2016, $30.1 million in 2017, $1.9 billion in2018, $1.7 billion in 2019 and $1.5 billion thereafter. The bulk ofthe 2018 maturity consists of the senior secured term loan due2018. Of the amounts due in 2019, the $1 billion 7% seniorunsecured notes and the $375 million 9.875% senior unsecured notesare subject to an exchange offer. The $1 billion 7.25% seniornotes due 2021 are subject to the same offer. The $500 million7.25% senior unsecured notes due 2020 are subject to anotheroffer.

According to the report, Judge Susan Kelley of the U.S. BankruptcyCourt in Milwaukee on Sept. 30 approved a plain-language version ofthe archdiocese's Chapter 11 reorganization plan, at the heart ofwhich is the settlement. Judge Kelley, according to the Journal,will consider the plan itself at a Nov. 9 hearing.

As previously reported by The Troubled Company Reporter on Aug. 26,2015, the Archdiocese filed a bankruptcy reorganization plan,formalizing a recent settlement deal that will divvy up $21 millionamong more than 300 victims of clergy sex abuse. The settlementhad been a sticking point that stalled a previous reorganizationplan filed last year, but this agreement should conclude ayearslong process that has revealed the scope of the Milwaukeeorganization's involvement in a widespread clergy sex abuse scandalthat has rocked the church.

Under terms of the deal, 330 abuse survivors will share $21million, and a $500,000 therapy fund will be established forongoing counseling, the Associated Press related. All of thearchdiocese's parishes, schools and institutions, meanwhile, wouldbe protected from lawsuits related to past abuse claims, the APnoted.

About the Archdiocese of Milwaukee

The Diocese of Milwaukee was established on Nov. 28, 1843, andwas elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius IX.The region served by the Archdiocese consists of 4,758 squaremiles in southeast Wisconsin which includes counties Dodge, Fonddu Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan,Walworth, Washington and Waukesha. There are 657,519 registeredCatholics in the Region.

The Official Committee of Unsecured Creditors in the bankruptcycase has retained Pachulski Stang Ziehl & Jones LLP as itscounsel, and Howard, Solochek & Weber, S.C., as its localcounsel.

The Archdiocese estimated assets and debts of $10million to $50 million in its Chapter 11 petition.

AUBURN TRACE: Hearing on Exclusivity Extension Continued Oct. 6---------------------------------------------------------------The U.S. Bankruptcy Court for the Southern District of Floridacontinued to Oct. 6, 2015, at 10:00 a.m., the hearing to considerAuburn Trace, Ltd.'s motion to extend its exclusive periods to fileand solicit acceptances for the plan of reorganization.

The City of Delray Beach, holder of claims in Class 2 and Class 3,requested that the Debtor not be granted any further extension ofthe exclusive period to solicit acceptances of the Plan and thatthe City be allowed to file its own Plan. The Debtor owes the Cityin excess of $9,500,000.

The Debtor, in its motion, asked that the Court extend theexclusive solicitation period until Oct. 19, 2015. The Court, onAug. 12, extended until Sept. 4, the Debtor's solicitation period.

The Debtor's reorganization plan allows (i) its owners to retaincontrol of the company in exchange for a $200,000 contribution, and(ii) unsecured creditors to recover 100 cents on the dollar if theywait for payments that begin 2 years from now, or 65 cents on thedollar if they want payment immediately after confirmation.Funds to be used to make cash payments under the Plan will bederived from the Debtor's monthly income, and from the new valuepayment estimated to range from $192,719 to $219,714 from ownersAuburn Trace Joint Venture and Brian J. Hinner's.

The U.S. Trustee notified the U.S. Bankruptcy Court that untilfurther notice, it will not appoint a committee of creditors.

BERNARD L. MADOFF: Judge to Deny Customers' Bid to Intervene------------------------------------------------------------Jonathan Randles at Bankruptcy Law360 reported that a New Yorkbankruptcy judge indicated on Sept. 30, 2015, that he would likelydeny a bid from a group of Bernie Madoff's former customers tointervene in a clawback suit that's set for trial next month,suggesting the request was a tactical move to allow for quickappeals over issues related to how much is at stake in the cases.

Bernard L. Madoff Investment Securities LLC and Bernard L. Madofforchestrated the largest Ponzi scheme in history, with lossestopping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.Stanton of the U.S. District Court for the Southern District ofNewYork granted the application of the Securities Investor ProtectionCorporation for a decree adjudicating that the customers of BLMISare in need of the protection afforded by the Securities InvestorProtection Act of 1970. The District Court's Protective Order (i)appointed Irving H. Picard, Esq., as trustee for the liquidationofBLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and(iii) removed the SIPA Liquidation proceeding to the BankruptcyCourt (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr.Picard has retained AlixPartners LLP as claims agent.

On April 14, 2009, Grant Thornton UK LLP as receiver placed MadoffSecurities International Limited in London under bankruptcyprotection pursuant to Chapter 15 of the U.S. Bankruptcy Code(Bankr. S.D. Fla. 09-16751). The Chapter 15 case was latertransferred to Manhattan. In June 2009, Judge Lifland approvedtheconsolidation of the Madoff SIPA proceedings and the bankruptcycase.

Judge Denny Chin of the U.S. District Court for the SouthernDistrict of New York on June 29, 2009, sentenced Mr. Madoff to 150years of life imprisonment for defrauding investors in UnitedStates v. Madoff, No. 09-CR-213 (S.D.N.Y.).

From recoveries in lawsuits coupled with money advanced by SIPC,Mr. Picard has commenced distributions to victims. As of the endof May 2015, the SIPA Trustee has recovered more than $10.699billion and has distributed approximately $7.576 billion. Whenadditional settlements awaiting distribution are taken intoaccount, the recovery in the Madoff liquidation proceeding totals$10.734 billion.

The Debtors contend that they are finalizing their business plan,raising exit funding and have the statutory right to file a Chapter11 plan that maximizes value for all creditors, not just theOwners. The Debtors further contend that via their business plan,they will have the ability to confirm a plan that will benefitcreditors and stakeholders as a whole. They assert that becausethese cases are in the initial stages and there is no fraud ormismanagement, the motion filed by Champaign Owner and LawrenceOwner must be denied to permit the Debtors to reach their goals andemerge from Chapter 11 for the benefit of all.

Counsel to the Official Committee of Unsecured Creditors, AnthonyM. Saccullo, Esq., at A.M. Saccullo Legal, LLC, in Bear, Delaware,tells the Court that the Owners' Motion to Convert is premature asit was filed less than a week after the Committee retainedprofessionals in the cases. Mr. Saccullo further tells the Courtthat the Debtors' deadline to submit a business plan forconsideration by the postpetition secured lenders and theCommittee, is not set to expire until after the hearing currentlyscheduled on the Motion to Convert.

The Committee notes that the Debtors submitted their Schedules ofAssets and Liabilities and Statement of Financial Affairs on Sept.18, 2015. Mr. Saccullo contends that the Committee and itsretained professionals have had only a limited opportunity toreview the facts and circumstances surrounding the Debtors’ casesand their potential to reorganize through these bankruptcy cases.

The Company has engaged the law firms Togut, Segal & Segal LLP asgeneral bankruptcy counsel, Ciardi, Ciardi & Astin as localbankruptcy counsel, and Garden City Group, LLC, as claims andnoticing agent. In addition, the Company has retained the law firmBerg & Androphy, which filed a lawsuit on Aug. 18, 2015 in theSouthern District of New York against the Company's defaultinglender.

The Company's legal advisors are Akin Gump Strauss Hauer & FeldLLP in the U.S. and Bennett Jones in Canada. Richards Layton &Finger, P.A., is legal co-counsel in the Chapter 11 cases. Houlihan Lokey Capital, Inc., is serving as financial advisor. Garden City Group Inc. is the claims and noticing agent.

The Owners tell the Court that conversion is necessary because thecases are not chapter 11 cases. They contend that the Debtorspropose to run a chapter 11 reorganization process with virtuallyno income, no projected income during the Cases, and no plans togenerate future income. The Owners further contend that theDebtors propose simply to hand the company back to existinginsiders consisting of equity and management, the very persons andentities who ran the business when it entered into the loss-leadingcontracts that the Debtors now seek to reject. The Owners assertthat there is no chance the Debtors rehabilitate as a viable entitywhile providing an equitable return to creditors.

BrickellHouse Holdings LLC and Parking Source LLC concurred withthe Owners' allegation that the Debtors' management should not beentrusted with discharging the fiduciary duties of administeringthe cases. They contend that the ability to successfully maximizeeconomic value from Debtors' assets will ultimately be dependent onthe successful performance of the RoboticValet system, which hasbeen installed at the BrickellHouse Parking Facility, but is notyet fully operational. They ask the Court for specific, targetedrelief to adequately protect BrickellHouse's and Parking Source'sinterests, avoid unnecessary prejudice and, in doing so, preservethe economic benefits of the technological know-how incorporatedinto the Robotic Valet system that would further the interests ofall creditors.

The Company has engaged the law firms Togut, Segal & Segal LLP asgeneral bankruptcy counsel, Ciardi, Ciardi & Astin as localbankruptcy counsel, and Garden City Group, LLC, as claims andnoticing agent. In addition, the Company has retained the law firmBerg & Androphy, which filed a lawsuit on Aug. 18, 2015 in theSouthern District of New York against the Company's defaultinglender. The Company's legal advisors are Akin Gump Strauss Hauer &Feld LLP in the U.S. and Bennett Jones in Canada. Richards Layton& Finger, P.A., is legal co-counsel in the Chapter 11 cases. Houlihan Lokey Capital, Inc. is serving as financial advisor. Garden City Group Inc. is the claims and noticing agent.

BPZ RESOURCES: Court Approves Ferrero Abogados as Peruvian Counsel------------------------------------------------------------------The Official Committee of Unsecured Creditors for BPZ ResourcesInc. obtained authority from the U.S. Bankruptcy Court for theSouthern District of Texas to retain Ferrero Abogados as PeruvianCounsel effective from May 14, 2015.

The firm will provide, among other things, legal services in areasunique to Peruvian law as required in the Debtor's Chapter 11case.

BPZ Energy -- http://www.bpzenergy.com/-- is an independent oil and gas exploration and production company which has licensecontracts covering 1.9 million net acres in offshore and onshorePeru. BPZ Resources maintains an office in Victoria, Texas, andthrough its subsidiaries maintains offices in Lima and Tumbes,Peru, and Quito, Ecuador.

The Debtor disclosed total assets of $364 million and debt of $275million.

The U.S. trustee overseeing the Chapter 11 case of BPZ ResourcesInc. appointed five creditors of the company to serve on theofficial committee of unsecured creditors. Counsel for theCommittee are Charles R. Gibbs, Esq., at Akin Gump Strauss Hauer &Feld LLP; and Michael S. Stamer, Esq., and Meredith A. Lahaie, Esq.

BPZ RESOURCES: Plan Offers Up to 18% Recovery for Unsecureds------------------------------------------------------------BPZ Resources, which has sold its equity interests in subsidiariesand certain assets for $9 million, has filed a Chapter 11liquidating plan that promises a recovery of 10.7% to 18.0 percentto general unsecured creditors owed $227 to $229 million.

BPZ's Plan, as amended Sept. 25, provides that:

* Holders of these claims are unimpaired and will receivepayment in full, in cash:

* General unsecured claims (Class 3) estimated at $227 millionto $229 million are impaired, and will have a recovery of 10.7percent to 18.0 percent. The claims under 6.5% Convertible Notesdue 2015 will be allowed in the aggregate amount of $61,922,933,and the claims under the 8.5% Convertible Notes Due 2017 will beallowed in the aggregate amount of $165,108,105. Holders of thegeneral unsecured claims will each receive a pro rata share of theinterests in the liquidating trust. Each holder of a Class 3 claimthat is not a noteholder claim is permitted to make a "convenienceelection" to reduce its claim to $3,000 and will receive, in lieuof liquidating trust interests, a one-time payment in cash of 20percent of the allowed amount of the claim.

The Debtor filed its Disclosure Statement on Sept. 9, and filed arevised Disclosure Statement on Sept. 25 to disclose the estimatedallowed claims for each classes and the estimated recovery forunsecured creditors.

Only general unsecured creditors in Class 3 are entitled to vote onthe Plan. Classes 1 and 2 are deemed to accept the Plan. Classes4, 5 and 6 are deemed to reject the Plan.

An auction in June 30 and July 1 provided the Debtor sale proceedsof $9.25 million. The Debtor intends to sell three GE LM 6000 PDSprint turbines (the "Turbine Assets"). In August, the Debtorobtained approval to hire Thomassen Amcot International LLC andAxford Consulting LP, as non-exclusive brokers in connection with asale of the Turbine Assets. Through the marketing of the TurbineAssets, the Debtor hopes to consummate a transaction that willincrease creditor recoveries.

The Plan provides that on the effective date, the remaining assetsof the Debtor will be transferred to a liquidating trust. Theliquidating trustee will administer all remaining property of theDebtor's estate and will prosecute or settle causes of action forthe benefit of general unsecured creditors. The trustee willestablish the necessary reserves for disputed claims.

BPZ also filed a motion seeking conditional approval of theDisclosure Statement -- in order to immediately solicit Plan votes-- and a combined hearing on final approval of the DisclosureStatement and confirmation of the Plan, in an effort to minimizethe administrative costs associated with a two-stage planconfirmation process.

The Bankruptcy Court was scheduled to tackle the request forconditional approval at the Oct. 1 hearing.

BPZ Energy -- http://www.bpzenergy.com/-- is an independent oil and gas exploration and production company which has licensecontracts covering 1.9 million net acres in offshore and onshorePeru. BPZ Resources maintains an office in Victoria, Texas, andthrough its subsidiaries maintains offices in Lima and Tumbes,Peru, and Quito, Ecuador.

BPZ Resources sought Chapter 11 protection (Bankr. S.D. Tex. CaseNo. 15-60016) in Victoria, Texas, on March 9, 2015. The case ispending before the Honorable David R. Jones. The Debtor disclosedtotal assets of $364 million and debt of $275 million.

The U.S. trustee overseeing the Chapter 11 case appointed fivecreditors of the company to serve on the official committee ofunsecured creditors. The Committee has retained Akin Gump StraussHauer & Feld LLP as legal counsel, and Blackstone Advisory PartnersL.P. as its financial advisor.

* * *

Following an auction on June 30 to July 1, the Debtor won courtapproval, and has closed, the sale of its equity interests in itsnon-debtor subsidiaries for $8,500,000 to Zedd Energy Holdco Ltd. The Debtor also sold assets relating to the onshore blocks innorthwestern Peru, all equity interests in the power generationsubsidiary EENE and, subject to Ecuadorian government approval andapplicable rights of first refusal, all equity interests in SMCEcuador, Inc., for $750,000 million to Zorritos Peru Holdings,Inc.

The Debtor on July 30, 2015, won approval to implement a keyemployee retention plan and a key employee incentive plan and topay severance claims to certain critical employees.

On Sept. 7, 2015, the Debtor and the Committee filed an agreedorder extending the exclusive period to solicit acceptances of achapter 11 plan through Oct. 23, 2015. The Court entered theagreed order on Sept. 8.

The Debtor a Plan of Liquidation on Sept. 8, 2015, and then anAmended Plan on Sept. 25, 2015.

BPZ RESOURCES: Selects Axford Consulting to Sell Turbine Assets---------------------------------------------------------------The U.S. Bankruptcy Court for the Southern District of Texasauthorized BPZ Resources Inc. to employ Axford Consulting LP andThomassen Amcot International LLC as its broker, on a non-exclusivebasis, in connection with a sale of the three GE LM 6000 PD Sprintturbines owned by a non-debtor subsidiary ("Turbine Assets").

According to the court document, the Debtor on June 8, 2015, fileda motion seeking to, among other things, sell substantially all ofthe equity interests the Debtor owned in its non-debtorsubsidiaries and take actions to purchase the Turbine Assets. OnJune 12, 2015, the Court entered an order authorizing the Debtor'spurchase of the Turbine Assets and approving bidding procedures inconnection with an equity sale. On July 8, 2015, the Court enteredan order approving the sale of substantially all of the Debtor'sassets, excluding the Turbine Assets, pursuant to a series oftransactions in accordance with the sale order. The saletransactions closed on July 30 and July 31, 2015.

The Turbine Assets are currently owned by the Debtor, and are amongthe Debtor's most valuable remaining assets.

The Debtor said the firm will be entitled to a fee from the saleproceeds. The Fee is based on a percentage of the aggregate grosssales price for the Turbine Assets, net of necessary siteinspection, diligence, and transportation costs borne by theprospective buyers of the Turbine Assets and any applicable taxes. The specific percentages of compensation at different price levelswere heavily negotiated, are confidential, and disclosing thoseranges would prejudice the sale efforts for the Turbine Assets. The Fee is the only compensation the firm is entitled to receive,the Debtor added.

Mark Axford, president of Axford Consulting, assured the Court thatthe firms are "disinterested person" as defined in Section 101(14)of the Bankruptcy Code.

BPZ Energy -- http://www.bpzenergy.com/-- is an independent oil and gas exploration and production company which has licensecontracts covering 1.9 million net acres in offshore and onshorePeru. BPZ Resources maintains an office in Victoria, Texas, andthrough its subsidiaries maintains offices in Lima and Tumbes,Peru, and Quito, Ecuador.

The Debtor disclosed total assets of $364 million and debt of $275million.

The U.S. trustee overseeing the Chapter 11 case of BPZ ResourcesInc. appointed five creditors of the company to serve on theofficial committee of unsecured creditors. Counsel for theCommittee are Charles R. Gibbs, Esq., at Akin Gump Strauss Hauer &Feld LLP; and Michael S. Stamer, Esq., and Meredith A. Lahaie, Esq.

BRANTLEY LAND: Harper Terminated as Receiver and Accountant-----------------------------------------------------------Judge John S. Dalis of the U.S. Bankruptcy Court for the SouthernDistrict of Georgia, Brunswick Division, ordered the termination ofJerry W. Harper and his accounting firm Schell & Hogan LLP asreceiver and accountant and the appointment of a Chapter 11 Trusteein the Chapter 11 case of debtor Bradley Land & Timber Company,LLC.

The Debtor had filed an amended application for the continuedemployment of Mr. Harper and his accounting firm as receiver andaccountant. The Application was objected to by the United StatesTrustee for Region 21.

Judge Dalis held that as the Debtor's prepetition receiver, Mr.Harper should not be granted power to control the Debtorpostpetition. Due to their status as insiders, Judge Dalis furtherheld that Mr. Harper and his accounting firm, are not disinterestedpersons and may not serve as accountants for the Debtor.

Mr. Souther tells the Court that he has no connections with theDebtor, creditors, and any other parties in interest, theirrespective attorneys and accountants, the United States Trustee, orany person employed in the office of the United States Trustee,other than being a member of the panel of chapter 7 trustees in theSouthern District of Georgia, said trustees being appointed andsupervised by the Office of the United States Trustee.

The Debtor, which is controlled by the receiver, tapped McCallarLaw Firm as counsel.

The U.S. Trustee for Region 21 is not attempting to form acommittee of unsecured creditors in the Chapter 11 case of theDebtor, at this time.

BUILD MODERN: Case Summary & 20 Largest Unsecured Creditors-----------------------------------------------------------Debtor: Build Modern Inc. dba NCM dba Next Century Modern 3514 West Government Way Seattle, WA 98199

Case No.: 15-15855

Chapter 11 Petition Date: September 30, 2015

Court: United States Bankruptcy Court Western District of Washington (Seattle)

CACHE INC: Has Until Dec. 31 to File Remove Actions---------------------------------------------------The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for theDistrict of Delaware extended until Dec. 31, 2015, Cache Inc.'speriod to file notices of removal of the actions.

Cache, Inc., which operates 236 women's apparel specialty storesunder the trade name "Cache," and its two affiliates soughtprotection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.Case No.15-10172) on Feb. 4, 2015. The case is assigned to JudgeMary F. Walrath.

The Debtors had total assets of $53.7 million and total liabilitiesof $51.1 million as of Sept. 27, 2014. In its schedules, the Debtordisclosed $38,793,006 in assets and $84,113,066 in liabilities.

The U.S. Trustee for Region 3 has appointed seven members to theOfficial Committee of Unsecured Creditors in the Debtors' case. TheCommittee retained Bayard, P.A., as local Delaware counsel, andOtterbourg P.C. as lead bankruptcy counsel.

CACHE INC: Sept. 30 Fixed as Administrative Claims Bar Date-----------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware Cache Inc.established Sept. 30, 2015, as the deadline for any person orentity to file administrative expense claim arising on or afterFeb. 4, 2015.

The Debtors had total assets of $53.7 million and total liabilitiesof $51.1 million as of Sept. 27, 2014. In its schedules, the Debtordisclosed $38,793,006 in assets and $84,113,066 in liabilities.

The U.S. Trustee for Region 3 has appointed seven members to theOfficial Committee of Unsecured Creditors in the Debtors' case. TheCommittee retained Bayard, P.A., as local Delaware counsel, andOtterbourg P.C. as lead bankruptcy counsel.

CAL DIVE: Needs Until Dec. 31 to File Plan------------------------------------------Cal Dive International, Inc., et al., ask the United StatesBankruptcy Court for the District of Delaware to extend the periodby which they have exclusive right to file a Chapter 11 planthrough and including December 31, 2015, and the period by whichthey have exclusive right to solicit votes on that plan through andincluding February 29, 2016.

The Debtors tell the Court that an extension of the exclusivityperiods will provide them with adequate time to complete theirrestructuring initiatives while the Chapter 11 case is administeredas efficiently as possible for the benefit of their stakeholdersand other parties in interest. Terminating the exclusivity periodscould substantial, if not irreparable, harm to the efforts topreserve and maximize the value the estates because it woulddistract the estate professionals from their current efforts toconclude these cases in an efficient manner and would result in theincurrence of substantial fees that the estates cannot bear, theDebtors add.

The U.S. Trustee for Region 3 amended the committee of unsecuredcreditors in the case from five-member committee to four members. The Committee retained Akin Gump Strauss Hauer & Feld LLP andPepper Hamilton LLP as co-counsel; and Guggenheim Securities, LLCas exclusive investment banker.

Cal Dive Offshore Contractors, Inc., disclosed total assets of$233,273,806 and $311,339,932 in liabilities as of the Chapter 11filing.

CALFRAC HOLDINGS: Moody's Cuts Corporate Family Rating to 'B3'--------------------------------------------------------------Moody's Investors Service downgraded Calfrac Holdings, LP'sCorporate Family Rating (CFR) to B3 from B2 and its Probability ofDefault Rating to B3-PD from B2-PD. Moody's also downgradedCalfrac's senior unsecured notes to Caa1 from B3. The SpeculativeGrade Liquidity Rating was lowered to SGL-3 from SGL-2. The outlookremains negative.

"The downgrade reflects the sharp and sustained decline inCalfrac's EBITDA that will lead to a significant increase inleverage this year and next," said Paresh Chari, Moody's Analyst.

Calfrac's B3 Corporate Family Rating (CFR) considers the verydifficult conditions in the pressure pumping sub-sector which willcause leverage to spike above 10x through 2016, but could moderateto below 7x in 2017 with commodity price improvement. Calfrac haslimited fleets under contract increasing exposure to drillingactivity and as a result has temporarily idled almost half of itsfleet in Canada and the United States. Calfrac is also spendinggrowth capex in 2015 that is directed towards new equipment that isnot under contract. The rating favorably considers the company'scost cutting measures that will improve margins, the dividendreductions, its increasing international exposure, and its highquality mobile equipment fleet, technical expertise and strongcustomer relationships.

The Speculative Grade Liquidity Rating of SGL-3 reflects adequateliquidity through September 30, 2016. At June 30, 2015, Calfrac hadC$66 million in cash and about C$306 million available, after C$38million of letters of credit, under its C$400 million revolvingcredit facilities due September 2018. Cash on hand and drawingsunder the revolver will help Calfrac to fund the next 15 months ofnegative free cash flow of about C$140 million through September30, 2016. The company's ability to comply with its total debt tocapitalization covenant (not to exceed 70%) is less certain shouldthe company take a significant write down over this period. Thecompany has no significant debt maturities until 2020 when theUS$600 million notes are due. Alternative liquidity is limitedgiven that all North American assets are pledged to the revolverlenders.

Calfrac's revolving credit facility is secured by a first prioritylien on substantially all of Calfrac's North American assets, butexcludes assets in Russia, Mexico and Argentina. Calfrac Holdings,LP senior notes are unsecured. Under Moody's LGD methodology, thesize of the priority ranking senior secured revolver (unrated)results in a notching down of the senior unsecured notes to Caa1,one notch below the B3 CFR.

The negative outlook reflects our expectation that credit metricswill remain weak over the next 12 to 18 months as a result of anindustry decline in well completions. The outlook could be changedto stable if EBITDA appeared likely to improve from expectedlevels.

The rating could be downgraded if Calfrac's EBITDA to interestapproaches 1x or if liquidity becomes weak.

The ratings could be upgraded if debt to EBITDA appeared to besustainable around 6x and if EBITDA to interest was above 2.5x.

COMSTOCK MINING: CEO De Gasperis Named Executive Chairman---------------------------------------------------------Comstock Mining Inc. announced that Corrado De Gasperis has beenappointed executive chairman of the Board, in addition to hisexisting responsibilities as President & CEO. Mr. De Gasperis isassuming the role as Mr. John Winfield resigns his position as amember and Chairman of the Board.

Corrado De Gasperis, president & CEO, commented, "I join the entireboard in thanking John for the past five years, for both supportingthe tremendous progress made in establishing this landmarkplatform, where many thought it not possible, and most recently forsupporting a watershed restructuring. The restructuringstrengthened our balance sheet by significantly reducingliabilities on some of our richest properties, improved ourliquidity and dramatically lowered our future capital and miningcosts."

The Company's Board now consists of five members, four independentdirectors plus Mr. De Gasperis. Robert C. Kopple has also beenelected, by the Board, as Lead Independent Director and ViceChairman, effective immediately.

Chairman John V. Winfield commented, "I could not be prouder,despite significant obstacles, with the tremendous achievements ofconsolidating an unprecedented land position, properly zoned andpermitted, in a world-class silver and gold district, with minimalroyalty commitments and an existing low-cost operating platformwhile now drilling and developing multiple, high-grade targets.These achievements, coupled with a simpler, more efficient capitalstructure that equally aligns all shareholders, provides a clearpath for maximizing the intrinsic value of the Company's preciousmetals, real estate and the unique, historical Comstock brand."

Mr. De Gasperis concluded, "These board changes reflect the strongconfidence and direct support of our largest investor in both ourboard and management teams for growing and maximizing value for allof our shareholders."

About Comstock Mining

Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based,gold and silver mining company with extensive, contiguous propertyin the historic Comstock district. The Company began acquiringproperties in the Comstock District in 2003. Since then, theCompany has consolidated a substantial portion of the Comstockdistrict, secured permits, built an infrastructure and brought theexploration project into test mining production. The Companycontinues acquiring additional properties in the Comstockdistrict, expanding its footprint and creating opportunities forexploration and mining. The goal of the Company's strategic planis to deliver stockholder value by validating qualified resources(measured and indicated) and reserves (probable and proven) of3,250,000 gold equivalent ounces by 2013, and commencingcommercial mining and processing operations by 2011, with annualproduction rates of 20,000 gold equivalent ounces.

Comstock Mining reported a net loss available to commonshareholders of $13.3 million in 2014, a net loss availableto common shareholders of $25.4 million in 2013 and anet loss available to common shareholders of $35.1 million in2011.

As of June 30, 2015, the Company had $48.8 million in total assets,$26.8 million in total liabilities and $22 million in totalstockholders' equity.

Additionally, S&P assigned a 'B+' issue-level rating to thecompany's new $2.075 billion first-lien credit facilities. Therecovery rating on the facility is '2', which reflects S&P'sexpectation for substantial (70% to 90%, at the low end of therange) recovery in the event of a payment default.

The first-lien facilities consist of a $200 million revolvingcredit facility, a $1.1 billion term loan, and a GBP500 millionterm loan. S&P also assigned a 'CCC+' issue-level rating to thecompany's proposed $950 million unsecured credit facilities. Therecovery rating on the facility is '6', which reflects S&P'sexpectation for negligible (0% to 10%) recovery in the event of apayment default.

"Our rating affirmation reflects our expectation that the Amdipharmacquisition will improve Concordia's business risk by increasingits scale, diversity, and stability, but result in higherleverage," said Standard & Poor's credit analyst Tulip Lim. "Theoutlook revision to positive is based on our expectation thatleverage will trend downward as a result of continued growth fromboth companies. Additionally, we expect the combined company willproduce meaningful cash flow because of the company's high marginsand limited capital expenditures."

The company will use proceeds of the new debt to finance theacquisition of Amdipharm, refinance certain existing debt, and payrelated fees and expenses.

CRP-2 HOLDINGS: Can Use Cash Collateral Until Jan. 15-----------------------------------------------------Judge Ronald R. Cassing of the United States Bankruptcy Court forthe Northern District of Illinois, Eastern Division, gave CRP-2Holdings AA, L.P., interim authority to use cash collateral throughand including January 15, 2016.

The court overruled any objections to the Debtor's use of cashcollateral. The court also granted U.S. Bank National Associationpayment of monthly adequate protection of $660,000.

A hearing to consider the continued use of cash collateral isscheduled for December 1, 2015.

About CRP-2 Holdings

CRP-2 Holdings AA, L.P., a Delaware limited partnership that wasformed in May of 2006 for the primary purpose of acquiring andmanaging real property, filed a Chapter 11 bankruptcy petition(Bankr. N.D. Ill. Case No. 15-24683) on July 21, 2015. NeilWaisnor signed the petition as vice president. FrankGecker LLPserves as the Debtor's counsel. The Debtor disclosed total assetsof $171,349,208 and total liabilities of $166,637,095. JudgeDonald R. Cassling is assigned to the case.

The U.S. Trustee appointed two creditors to serve on the officialcommittee of unsecured creditors.

The Offering was made pursuant to the Company's shelf registrationstatement on Form S-3 (File No. 333-200452), as supplemented by theprospectus supplement filed with the Securities and ExchangeCommission on Sept. 24, 2015.

About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused onthe acquisition, development and commercialization of noveltargeted therapies covering a spectrum of blood-related cancersthat offer a unique benefit to patients and healthcare providers.The Company has a commercial presence in Europe and a late-stagedevelopment pipeline, including pacritinib, CTI's lead productcandidate that is currently being studied in a Phase 3 program forthe treatment of patients with myelofibrosis. CTI BioPharma isheadquartered in Seattle, Washington, with offices in London andMilan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to commonshareholders of $96 million in 2014, compared with a net lossattributable to common shareholders of $49.6 million in 2013.

As of March 31, 2015, the Company had $63.1 million in totalassets, $48.7 million in total liabilities, $240,000 in commonstock purchase warrants, $14.1 million in total shareholders'equity.

CURTIS JAMES JACKSON: Fights to Keep Underwear Deal Confidential----------------------------------------------------------------Katy Stech, writing for The Wall Street Journal, reported thatlawyers for rapper 50 Cents, whose real name is Curtis JamesJackson III, are asking permission from a bankruptcy court to keepthe full financial details of the rapper's underwear endorsementdeal with Frigo RevolutionWear brand under wraps.

According to the Journal, Mr. Jackson's lawyers said, "Noentertainer wants the terms of its endorsement contracts madepublic because the results of that disclosure would be disastrousby giving competitors an unfair advantage in allowing them toundercut the financial terms of the entertainer's endorsementdeals." The lawyers added that the underwear deal keeps Mr.Jackson associated "with the luxury end of the consumer market andprovides [him] with a potential upside that will help pay back hiscreditors."

DEX MEDIA: Skips $18MM Interest Payment on $261MM in Bond Debt--------------------------------------------------------------Carmen Germaine at Bankruptcy Law360 reported that Yellow Pagespublisher Dex Media Inc. skipped an approximately $18 millioninterest payment due on $261 million in bond debt while itscreditors have begun considering a restructuring of the company'scredit facilities, according to a Sept. 30, 2015 regulatoryfiling.

Dex Media, the product of a 2013 merger through the twin bankruptcycases of SuperMedia and Dex One, revealed in a Form 8-K filed withthe U.S. Securities and Exchange Commission that it had elected notto make an interest payment of nearly $18 million due on Sept. 30,on $261 million in senior subordinated notes. The yellow-pagescompany has until Oct. 30 to make the payment on the bonds beforeit becomes a default, the Wall Street Journal reported, citing theSept. 30 regulatory filing.

Dex Media's senior lenders have joined together, hiring HoulihanLokey as their financial adviser and lawyers at Milbank, Tweed,Hadley & McCloy, to negotiate a possible restructuring of more than$2 billion in senior loan debt, Dex said, the Journal related.

About Dex Media Inc.

Dex Media, Inc., is a provider of social, local and mobilemarketing solutions for local businesses. The Company providesmarketing solutions that include Websites, print, mobile, searchengine and social media solutions. The Company?s brands includeDex One and SuperMedia. Through both brands, it delivers a rangeof social, mobile, and print solutions. The Company's consumerservices include the Dex Knows.com and Superpages.com online andmobile search portals and applications and local printdirectories. On April 30, 2013, Dex One Corp. and SuperMediaannounced the completion of their merger, creating Dex Media, Inc.

Dex One (DEXO) and SuperMedia (SPMD) in March 2013 sought Chapter11 bankruptcy protection in order to complete a merger. Thefiling was just about three years after each company exited courtprotection. The cases are In re Dex One Corp, 13-10533, U.S.Bankruptcy Court, District of Delaware. and In re SuperMedia Inc,13-10545, U.S. Bankruptcy Court, District of Delaware.

* * *

As reported in the Troubled Company Reporter on March 31, 2015,KPMG LLP expressed substantial doubt about the Company's ability tocontinue as a going concern, citing that the Company has filed forChapter 11 Bankruptcy on March 18, 2013, has a highly leveragedcapital structure and has experienced decline in operating resultsand cash flows.

DRD TECHNOLOGIES: Granted Until Oct. 31 to File Plan----------------------------------------------------The Hon. Clifton R. Jessup, Jr., of the U.S. Bankruptcy Court forthe Northern District of Alabama granted DRD Technologies, Inc., a45-day extension through and including Oct. 31, 2015, of itsexclusive period to file a plan of reorganization and explanatorydisclosure statement. According to the Debtor, it is in theprocess of marketing its intellectual property to obtain a stakinghorse purchaser to facilitate a sale through its plan ofreorganization.

According to the docket, the Chapter 11 plan and disclosurestatement are due by Sept. 16, 2015. The Debtor disclosed$205,849,965 in assets and $4,289,268 in liabilities as of theChapter 11 filing.

ECO BUILDING: Delays Fiscal 2015 Form 10-K------------------------------------------Eco Building Products, Inc., notified the Securities and ExchangeCommission that its annual report for the year ended June 30, 2015,could not be filed within the prescribed period due to the Companyrequiring additional time to prepare and review that Report. Inaccordance with Rule 12b-25 of the Securities Exchange Act of 1934,the Company will file its Form 10-K no later than fifteen calendardays following the prescribed due date.

As of March 31, 2015, the Company had $1.47 million in totalassets, $58.3 million in total liabilities and a $56.9 milliontotal stockholders' deficit.

Eco Building reported a net loss of $28.94 million on $1.46 millionof total revenue for the year ended June 30, 2014, compared to anet loss of $24.59 million on $5.22 million of total revenue forthe year ended June 30, 2013.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a"going concern" qualification on the consolidated financialstatements for the year ended June 30, 2014. The independentauditors noted that the Company has generated minimal operatingrevenues, losses from operations, significant cash used inoperating activities and its viability is dependent upon itsability to obtain future financing and successful operations.These factors raise substantial doubt about the Company's abilityto continue as a going concern.

ELBIT IMAGING: Interim Injunction Hearing on Oct. 14----------------------------------------------------Elbit Imaging Ltd. announced that following the filing of a motionfor interim injunction for temporary remedies, the court hasresolved that the company and the rest of the Respondents shouldfile their written response until Oct. 8, 2015, and that thehearing with respect to the interim injunction for temporaryremedies, will take place on Oct. 14, 2015. The resolution doesnot include an interim remedy requested by the Plaintiff that thecourt will provide an ex parte injuction in respect of theshareholders meetings in the Company and in the Company'ssubsidiary Plaza centers NV.

The interim injunction motion for temporary remedies concerning,among other issues, on the following requests: To postpone thegeneral meeting of the Company from discussing and voting on thesize of the Company's board of directors and from re-electing ofthe Company's board of directors; To instruct the Company towithdraw its request to convene a general meeting in Plaza or toinstruct the Company to vote against any change in Plaza's board ofdirectors in such general meeting.

Since February 2013, Elbit has intensively endeavored to come toan arrangement with its creditors. Elbit has said it has beenhanging by a thread for more than five months. It has encounteredcash flow difficulties and this burdens its day to day activities,and it certainly cannot make the necessary investments to improveits assets. In light of the arrangement proceedings, andaccording to the demands of most of the bondholders, as well as anagreement that was signed on March 19, 2013, between Elbit and theTrustees of six out of eight series of bonds, Elbit is prohibited,inter alia, from paying off its debts to the financial creditors-- and as a result a petition to liquidate Elbit was filed, andBank Hapoalim has declared its debts immediately payable,threatening to realize pledges that were given to the Bank onmaterial assets of the Company -- and Elbit undertook not to sellmaterial assets of the Company and not to perform any transactionthat is not during its ordinary course of business without givingan advance notice to the trustees.

Accountant Rony Elroy has been appointed as expert for examiningthe debt arrangement in the Company.

In July 2013, Elbit Imaging's controlling shareholders, Europe-Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Companythat the Tel Aviv District Court has appointed Adv. Giroa Erdinastas a receiver with regards to the ordinary shares of the Companyheld by Europe Israel securing Europe Israel's obligations underits loan agreement with Bank Hapoalim B.M. The judgment statedthat the Receiver is not authorized to sell the Company's sharesat this stage. Following a request of Europe-Israel, the Courtalso delayed any action to be taken with regards to the sale ofthose shares for a period of 60 days. Europe Israel andMr. Zisser have also notified the Company that they utterly rejectthe Bank's claims and intend to appeal the Court's ruling.

As of June 30, 2015, the Company had NIS 2.8 billion in totalassets, NIS 2.5 billion in total liabilities and NIS 338.3 millionin shareholders' equity.

ELBIT IMAGING: Unit Acquires Loan to Control Liberec Plaza----------------------------------------------------------Plaza Centers N.V., an indirect subsidiary of Elbit Imaging Ltd.,has announced that its wholly owned subsidiary has won a tender tobuy the loan in respect of the Liberec Plaza commercial centre inthe Czech Republic.

The EUR20.4 million bank loan was granted by two commercial bankswhich Plaza has agreed to buy for EUR8.5 million, reflecting adiscount of 58%. The closing of the transaction is subject to theapproval of the Hungarian National Bank (as one of the lendingbanks is Hungarian) which is expected to be received by the end ofOctober 2015.

Plaza expects to record a profit from this transaction ofapproximately EUR12 million in its financial statements for thesecond half of 2015. Plaza expects that the mall will deliver anet operating income of approximately EUR850,000 in 2015, whichwould reflect a yield of approximately 10% on the loan purchaseprice.

Since February 2013, Elbit has intensively endeavored to come toan arrangement with its creditors. Elbit has said it has beenhanging by a thread for more than five months. It has encounteredcash flow difficulties and this burdens its day to day activities,and it certainly cannot make the necessary investments to improveits assets. In light of the arrangement proceedings, andaccording to the demands of most of the bondholders, as well as anagreement that was signed on March 19, 2013, between Elbit and theTrustees of six out of eight series of bonds, Elbit is prohibited,inter alia, from paying off its debts to the financial creditors-- and as a result a petition to liquidate Elbit was filed, andBank Hapoalim has declared its debts immediately payable,threatening to realize pledges that were given to the Bank onmaterial assets of the Company -- and Elbit undertook not to sellmaterial assets of the Company and not to perform any transactionthat is not during its ordinary course of business without givingan advance notice to the trustees.

Accountant Rony Elroy has been appointed as expert for examiningthe debt arrangement in the Company.

In July 2013, Elbit Imaging's controlling shareholders, Europe-Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Companythat the Tel Aviv District Court has appointed Adv. Giroa Erdinastas a receiver with regards to the ordinary shares of the Companyheld by Europe Israel securing Europe Israel's obligations underits loan agreement with Bank Hapoalim B.M. The judgment statedthat the Receiver is not authorized to sell the Company's sharesat this stage. Following a request of Europe-Israel, the Courtalso delayed any action to be taken with regards to the sale ofthose shares for a period of 60 days. Europe Israel andMr. Zisser have also notified the Company that they utterly rejectthe Bank's claims and intend to appeal the Court's ruling.

As of June 30, 2015, the Company had NIS 2.8 billion in totalassets, NIS 2.5 billion in total liabilities and NIS 338.3 millionin shareholders' equity.

EPWORTH VILLA: Files Second Modified Plan After Hicks Settlement----------------------------------------------------------------Central Oklahoma United Methodist Retirement Facility, Inc., doingbusiness as Epworth Villa, filed with the U.S. Bankruptcy Court forthe Western District of Oklahoma on Sept. 28 a Second Modified Planand an amended Disclosure Statement that reflect a settlementreached with Williams Hicks and the indenture trustee under revenuebonds with outstanding principal of $87.8 million, which objectedto the prior iteration of the disclosure statement.

The Debtor was forced to seek bankruptcy protection after a $15million-plus judgment against Epworth Villa entered by state courtin July 2014, in a lawsuit filed by William Hicks, the husband ofVirginia Hicks, a former resident of Epworth Villa. The Debtorsays that the principal challenge to reorganization was presentedby the Hicks Judgment Claim. The face amount of Hicks' aggregateClaim ($15 million+) constitutes over 95% of the total of allunsecured claims against Epworth Villa. Epworth Villa believesthat the Judgment was legally erroneous; and it has been challengedby Epworth Villa through a pending appeal.

While Epworth Villa believes that strong arguments exist for thereversal or substantial modification of the Judgment on appeal,ultimate appellate disposition is certainly more than a year ahead. In the meantime, Epworth Villa believes strongly that its bestinterest, and that of its creditor constituencies and residentswill be best served by a plan of reorganization being confirmed atthe earliest possible time.

According to the Disclosure Statement, the Plan provides for thecontinued operation of Epworth Villa's business and proposes totreat claims and interests as follows:

-- All priority claims (Class 1), if any, will be paid in cash,in full, without postpetition interest.

-- The Claim of the BancFirst, the indenture trustee (Class 2),which is secured, in part by the Facility, will be Impaired asnecessary to facilitate the reorganization contemplated by thePlan; namely the Indenture Trustee will be deemed to have (i)waived any default under such documents arising from the pendencyof and/or entry of judgment in the Oklahoma County Action or fromthe filing of Epworth Villa's bankruptcy case; (ii) amended therequirements in such documents of the number of days' cash on handDebtor is required to maintain to reduce the number from 180 daysto 150 days for a period of one year from the Effective Date withan extension of one additional year upon reasonable request ofEpworth Villa, provided that at the end of such periods, theexisting provision for maintaining 180 days cash on hand shall bereinstated; and (iii) released the lien, if any, of the BondIndenture in and to the Cash and other assets of Epworth Villa andits Estate as, and only to the extent, required to fulfill thePlan's payment, transfer, and/or other treatment obligations toother Holders entitled to receive distributions as provided in thePlan.

-- With respect to other secured Claims (Class 3), Epworth Villawill either surrender the collateral to the creditor, or take allsteps necessary to "reinstate" the credit relationship. The onlyknown creditor in Class 3 is the Ford Motor Credit Corporation,which has financed certain vehicles in Epworth Villa's businessfleet. At this time, Epworth Villa is inclined to reinstate thatobligation rather than surrender the subject vehicles.

-- Claims for which Epworth Villa has insurance coverageavailable (Class 4) will be satisfied by such insurance to theextent of such coverage. This Class includes several tortclaimants, including Hicks for the component of their Claimsattributable to Epworth Villa's alleged negligence.

-- Another of the Hicks' claims -- a contract claim for breach ofthe Hicks' residency agreement -- is classified exclusively inClass 5, and will be satisfied by the provision of indefinite"rent-free" residency for William Hicks at Epworth Villa'sFacility, as well as refund assurances should he decide to moveaway from the Facility.

-- The balance of the Hicks' Claims are classified in Class 6,and will be treated through the creation of a litigation trust.Holders of Claims in Class 6 will be the only beneficiaries of theLitigation Trust. Epworth Villa will transfer the Litigation TrustAssets -- $1.0 million plus the Estate Claims -- to the LitigationTrust for liquidation and distribution to Holders of Class 6Claims. Given the unique composition (Hicks Claims exclusively)and treatment of Class 6 and other Classes, no contest over theAllowed amount of the Hicks' Class 6 Claims will be necessary orpermitted. Those Claims will be allowed in the amounts stated inthe Hicks' proof(s) of claims; provided however, that such finalallowance shall have no preclusive effect for any other purpose inany other forum.

-- The balance of unsecured Claims against Epworth Villa, e.g.,the numerous "trade" creditors, will fall into Class 7 -- "OtherUnsecured Claims" -- and be paid in full with postpetitioninterest.

-- The fate of the membership Interest in Epworth Villa (Class8), held by Epworth Living, Inc., will be determined by the actionsof the Impaired Classes of Claims: if any Class of Impaired Claimsdoes not accept the Plan, then the Class 8 Interests shall becancelled and extinguished under the Plan; if all Classes ofImpaired Claims accept the Plan, then the Class 8 Interest Holdershall retain its Interests.

As a consequence of Plan impairment and deemed acceptance orrejection, only Holders of Allowed or Estimated Claims in Classes1, 2, 4, 5, 6 and 8 shall be entitled to vote to accept or rejectthe Plan.

Epworth Villa estimates the following cash requirements forsatisfaction of the Plan's Treatment Obligations on the EffectiveDate/Distribution Date:

Formed in 1986 and affiliated with the Oklahoma Conference of theUnited Methodist Church, Central Oklahoma United MethodistRetirement Facility, Inc., is a not-for-profit corporation thatowns Epworth Villa, a continuing care retirement community forpersons age 62 and older, located at 14901 N. Pennsylvania Avenue,Oklahoma City, Oklahoma. Presently, Epworth Villa includes 264independent living units (cottages and apartment homes), 118assisted living units with maximum capacity of 130 beds, and 87nursing care beds. The corporation's sole member is EpworthLiving, Inc.

Epworth Villa is currently undergoing a renovation and expansionproject that is projected to be completed in early Summer of 2015.The construction, renovation and expansion of its facilities arefinanced through revenue bonds under the bond indenture from theOklahoma County Finance Authority to BancFirst, as indenturetrustee. Those obligations, in the aggregate principal PetitionDate amount of $87,835,000, are secured by a mortgage and securityinterest in the Facility and other assets of Epworth Villa'sestate.

In amended schedules, the Debtor disclosed total assets of$117,659,919 and total liabilities of $108,037,034 as of theChapter 11 filing.

On Aug. 13, 2014, the Office of the United States Trustee appointedE. Marissa Lane as the Patient Care Ombudsman in this case.

EPWORTH VILLA: Wants Expedited Hearing on 2nd Disclosure Statement------------------------------------------------------------------Central Oklahoma United Methodist Retirement Facility, Inc., doingbusiness as Epworth Villa, is asking the U.S. Bankruptcy Court forthe Western District of Oklahoma to expedite the confirmationprocess for its Second Modified Plan. Epworth Villa wants theSecond Disclosure Statement set for an expedited hearing, and thenotice for such hearing reduced.

Epworth Villa is proposing a hearing to consider approval of theSecond Disclosure Statement on Oct. 19, 20 or 21, and an Oct. 13deadline for objections to the adequacy of the information in theDisclosure Statement.

To recall, on June 5, 2015, Epworth Villa filed its First ModifiedPlan of Reorganization. Epworth Villa also filed a DisclosureStatement to accompany the First Modified Plan.

On June 11, 2015, on Epworth Villa's application, the Court enteredan order requiring objections to be filed and served by July 21,2015, and setting the hearing on approval of the First AmendedDisclosure Statement for July 28, 2015.

Only the Hicks and BancFirst, as indenture trustee under revenuebonds with outstanding principal of $87.8 million, filed objectionsto approval of the Disclosure Statement, which they subsequentlyagreed to withdraw pursuant to an agreement.

On July 16, 2015, the Court ordered Epworth Villa and its insurancecarriers, Epworth Villa's counsel in the state court litigation andtheir insurance carriers, Hicks, and the Indenture Trustee toparticipate in mediation before a private mediator, formerBankruptcy Judge Leif Clark.

After participating in an almost 20-hour mediation, Epworth Villa,Hicks, and the Indenture Trustee reached a settlement outlined inthe Corrected Joint Motion for Order Approving and AuthorizingCompromise and Notice; Brief in Support; Notice of Opportunity forHearing and Notice of Hearing (the "Joint Compromise Motion"). Noneof the other entities and their insurance carriers ordered tomediate, chose to participate in the settlement.

On July 28, 2015, in view of the announcements by counsel that acompromise had been reached as a result of the court-orderedmediation, the Court continued the hearing on approval of the FirstAmended Disclosure Statement, in order to coincide with a hearingon approval of the mediated settlement, to Aug. 18, 2015.

The Court set the Joint Compromise Motion for a telephonic hearingon Aug. 18, 2015, to be continued to Aug. 25 for additional legalargument and evidence if required.

Objections to approval of the mediated settlement proposed for theCourt's approval in the Joint Compromise Motion were filed by twoentities -- neither is a creditor of Epworth Villa; both arepotential target defendants in claims as may be asserted by alitigation trust provided to be created for the benefit of EpworthVilla's unsecured creditors in the First Modified Plan. Theobjectors are:

a. Holden & Carr, Epworth Villa's trial counsel in pre-chapter11 litigation with the Hicks, against which a claim may be assertedfor legal malpractice; and

b. Homeland Insurance Company of New York, OneBeaconProfessional Insurance and/or OneBeacon Insurance Group, EpworthVilla's liability insurance carrier, which failed to settle theHicks' claim within its $5,000,000 policy limits, before the Hicksobtained a $15 Million plus judgment, and against which a bad faithclaim may be asserted.

The Court held a telephonic hearing on Aug. 18, 2015, and continuedwith an evidentiary hearing on Aug. 25 to consider approval of themediated settlement proposed in the Joint Compromise Motion andapproval of the First Disclosure Statement. After hearing theuncontroverted evidence, the Court has taken its rulings on theJoint Compromise Motion and, consequently, approval of the FirstDisclosure Statement under advisement.

At the conclusion of the hearing on Aug. 25, the Court expressedsome concerns regarding the terms of the settlement, approval ofwhich was sought by the Joint Compromise Motion. Epworth Villabelieves those concerns may be best addressed by withdrawal of theJoint Compromise Motion, by Epworth Villa modifying the FirstModified Plan to address the Court's concerns and then seekingconfirmation of such modified plan.

During the month since the Court's ruling on approval of the JointSettlement Motion was taken under advisement, Epworth Villa, theIndenture Trustee and the Hicks have endeavored to accomplish thefollowing:

a. First, reach a monetary settlement of the Hicks claim withparticipation of Homeland/OneBeacon. This effort has whollyfailed, with Homeland/OneBeacon again refusing an offer to settlewithin policy limits.

b. Second, analyze and resolve a means to satisfy the Court'sstated concerns with the mediated settlement. The effort hasresulted in the withdrawal of the Joint Compromise Motion and theproposal of a modified chapter 11 plan, allowing Epworth Villa'screditors to vote to accept or reject the plan.

On Sept. 24, 2015, Epworth Villa, the Indenture Trustee and theHicks filed a Joint Notice of Withdrawal of Corrected Joint Motionfor Order Approving and Authorizing Compromise, whereby the JointCompromise Motion has been withdrawn. The filing of the JointWithdrawal compliments the filing of a modified chapter 11 plan andits submission for a creditor vote and confirmation by the Court.

On Sept. 28, 2015, Epworth Villa filed its Second Modified Plan ofReorganization and a Second Disclosure Statement.

As the Court and all interested parties are acutely aware from theevidence offered at the Aug. 25 hearing, it is critical to EpworthVilla's continued operations, for the benefit of its residents,employees and creditors, that the Court expedite the processrelating to confirmation of the Second Modified Plan so thatEpworth Villa may reorganize and emerge from the chapter 11 case.

Formed in 1986 and affiliated with the Oklahoma Conference of theUnited Methodist Church, Central Oklahoma United MethodistRetirement Facility, Inc., is a not-for-profit corporation thatowns Epworth Villa, a continuing care retirement community forpersons age 62 and older, located at 14901 N. Pennsylvania Avenue,Oklahoma City, Oklahoma. Presently, Epworth Villa includes 264independent living units (cottages and apartment homes), 118assisted living units with maximum capacity of 130 beds, and 87nursing care beds. The corporation's sole member is EpworthLiving, Inc.

Epworth Villa is currently undergoing a renovation and expansionproject that is projected to be completed in early Summer of 2015.The construction, renovation and expansion of its facilities arefinanced through revenue bonds under the bond indenture from theOklahoma County Finance Authority to BancFirst, as indenturetrustee. Those obligations, in the aggregate principal PetitionDate amount of $87,835,000, are secured by a mortgage and securityinterest in the Facility and other assets of Epworth Villa'sestate.

In amended schedules, the Debtor disclosed total assets of$117,659,919 and total liabilities of $108,037,034 as of theChapter 11 filing.

On Aug. 13, 2014, the Office of the United States Trustee appointedE. Marissa Lane as the Patient Care Ombudsman in this case.

ERF WIRELESS: Richard Royall Resigns as Director------------------------------------------------ERF Wireless, Inc., received and accepted the resignation ofRichard R. Royall as director of the Company. Mr. Royall hadserved as a director since March 2008. Mr. Royall stated that hewas resigning for personal reasons and that he does not have anydisagreement with the company's accounting practices, policies, orprocedures.

About ERF Wireless

Based in League City, Texas, ERF Wireless, Inc., provides secure,high-capacity wireless products and services to a broad spectrum ofcustomers in primarily underserved, rural and suburban parts of theUnited States.

ERF Wireless reported a net loss attributable to the company of$7.26 million in 2013, a net loss of $4.81 million in 2012, and anet loss of $3.37 million in 2011.

As of Sept. 30, 2014, the Company had $3.59 million in totalassets, $10.4 million in liabilities, and a $6.84 millionshareholders' deficit.

On Aug. 20, 2015, Excel announced that it received the consent fromthe holders of its 4.625% senior unsecured notes due 2024 to adoptthe proposed amendments to its tender offer. Excel received validtenders for its $249,176,000 aggregate principal amount,representing approximately 99.67% of the outstanding notes.

The tender offer and consent solicitation are being conductedfollowing the completion of the mergers of Excel Trust Inc. andExcel Trust L.P. with entities affiliated with Blackstone PropertyPartners L.P.

S&P had placed its issue-level rating on Excel's senior unsecurednotes on CreditWatch negative on Aug. 12, 2015, after the companyissued the tender offer and solicited consent from its bond holdersto eliminate certain restrictive covenants (maintenance ofunencumbered assets) and events of default contained in theindenture of its outstanding unsecured notes.

FEDERATION EMPLOYMENT: Seeks Nov. 6, 2015 Admin. Claims Bar Date----------------------------------------------------------------Federation Employment and Guidance Services, Inc., doing businessas FEGS, asks the U.S. Bankruptcy Court for the Eastern District ofNew York to establish Nov. 6, 2015 as the deadline for the filingof administrative expense claims, which arose, accrued or otherwisebecame due and payable between March 18, 2015 and Aug. 31, 2015.

The Debtor relates that as part of the liquidation of its estate,the Debtor ultimately needs to formulate a liquidating plan. Itfurther relates that as the Debtor continues to wind down itsoperations, and as a result of the transfer of the Debtor'soperational programs and the concurrent reduction in ongoingoperations and workforce, the accrual of new Administrative Claimshave continued to decline. The Debtor contends that byestablishing an administrative bar date, it will be betterpositioned to determine the extent of its administrativeliabilities and to structure a plan of liquidation that is fair,equitable and ultimately confirmable. The Debtor adds that thesetting of the Administrative Bar Date will assist the claimsreconciliation process and facilitate the distributions ultimatelyto be made to creditors.

The Debtor proposes that the Court should direct all potentialclaimants to file their Administrative Claims on or before Nov. 6,2015 at 5:00 p.m. so as to be received by Rust Consulting/OmniBankruptcy as follows: (i) via first class, regular mail, handdelivery or overnight delivery to: Rust Consulting/Omni Bankruptcy,5955 DeSoto Ave., Suite 100, Woodland Hills, CA 91367, or (ii) viahand delivery to: United States Bankruptcy Court, EDNY, AlfonseD'Amato U.S. Courthouse, 290 Federal Plaza, Central Islip, New York11722, Attn: Clerk of the Court.

Established in 1934 amidst the Great Depression, FederationEmployment & Guidance Service, Inc. ("FEGS") is a not-for-profitprovider of various health and social services to more than120,000 individuals annually in the areas of behavioral health,disabilities, housing, home care, employment/workforce, education, youth and family services. At its peak, FEGs' network of programs operated over 350 locations throughout metropolitan New York and Long Island and employed 2,217 highly skilled professionals.

The Debtor disclosed $86,697,814 in assets and $45,572,524 inliabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 2 appointed three members to theOfficial Committee of Unsecured Creditors. The Committee tappedPachulski Stang Ziehl & Jones LLP as its counsel.

FIRST INDUSTRIAL: S&P Raises Corp. Credit Rating From 'BB+'-----------------------------------------------------------Standard & Poor's Ratings Services raised its corporate creditrating on First Industrial Realty Trust Inc. and its operatingpartnership, First Industrial L.P. (collectively, FirstIndustrial), to 'BBB-' from 'BB+'. The outlook is stable. Theissue-level rating on the company's senior unsecured notes isunchanged at 'BBB-'.

"The upgrade acknowledges First Industrial's continued improvementin terms of operating performance and portfolio quality," saidcredit analyst Michael Souers. "We also acknowledge the additionalprogress the company has made in strengthening its balance sheetand reducing leverage."

"Our stable outlook reflects our expectation that First Industrialwill deliver modestly positive same-store NOI growth over the nextone to two years, a result of relatively flat occupancy and low- tomid-single-digit rental rate growth. We expect a combination offavorable industry tailwinds and the company's portfoliorepositioning efforts to largely fuel this growth. We project aslight improvement to the key credit metrics, driven by positiveoperating results and the additional contribution to cash flow fromstabilized development projects," S&P said.

While unlikely over the next 12 to 24 months, S&P would consider anupgrade if First Industrial grows its scale meaningfully in aleverage-neutral manner or the company manages significantlysuperior operating performance compared with key peers. S&P couldalso raise the rating if the company chooses to fund its growthprimarily with equity, such that debt to EBITDA declined to thelow-5x area with fixed-charge coverage above 3.1x on a sustainedbasis.

While also unlikely in the near term, S&P would consider loweringthe rating if operating performance deteriorated well below itsexpectations and the level of key peers due to weaker demand in itslargest markets or older age of its properties. S&P could alsolower the rating if the company pursued a significant amount ofdebt-financed speculative development, resulting in balance sheeterosion and weaker key credit metrics. For instance, S&P wouldconsider lowering the rating if debt to EBITDA exceeded 6.5x orfixed-charge coverage fell below 2.5x on a sustained basis.

"The revised rating and stable outlook reflect our assessment ofFranklin Pierce's effective management of its financialrestructuring, improved operations that produced an approximately$3 million operating surplus in fiscal 2015, and modest enrollmentgrowth," said Standard & Poor's credit analyst Ashley Ramchandani.At the time of Standard & Poor's most recent review, the universityhad failed to make a required monthly deposit to the trustee-helddebt service fund on April 20, 2014, and lost its line of credit,which it relied on heavily for seasonal cash flow. At that time,management acquired a term loan in the amount of $1.86 million anda $5 million line of credit, which included a priority lien ongross revenues, which effectively subordinates bond holdersecurity. Management reports that it repaid outstanding debtservice due to the trustee in October 2014 as required by itsforbearance agreement and that it is current on payments and doesnot anticipate any future delays in debt service payments.

"Our view is that Franklin Pierce University's financial resourcesare very weak and that liquidity is limited," added Ms.Ramchandani. "This, along with the university's term loanoutstanding and line of credit that effectively subordinates theuniversity's bonds -- which we view as a key credit risk – limitsthe rating."

Pursuant to Standard & Poor's 'CCC' criteria, with limitedunrestricted assets available to meet obligations, weak operatingliquidity, and violation of covenants associated with its line ofcredit, S&P believes that Franklin Pierce is currently vulnerableto nonpayment and is dependent on favorable business conditions tomeet its financial obligations.

The note is convertible at $0.47 per share and matures on Dec. 31,2020. Repayment of the note is secured by all of the Company'sassets including its intellectual property and inventory inaccordance with a secured line of credit agreement between theCompany and Mr. Reger. Additionally, the Company issued Mr. Reger239,362 two-year warrants exercisable at $2.00 per share.

All of the securities were issued without registration under theSecurities Act of 1933 in reliance upon the exemption provided inSection 4(a)(2) and Rule 506(b) thereunder.

About GelTech

Jupiter, Fla.-based GelTech Solutions. Inc., is a Delawarecorporation organized in 2006. The Company markets four products:(1) FireIce(R), a water soluble fire retardant used to protectfirefighters, structures and wildlands; (2) Soil2O(R) 'DustControl', its new application which is used for dust mitigation inthe aggregate, road construction, mining, as well as, otherindustries that deal with daily dust control issues; (3)Soil2O(R), a product which reduces the use of water and isprimarily marketed to golf courses, commercial landscapers and theagriculture market; and (4) FireIce(R) Home Defense Unit, a systemfor applying FireIce(R) to structures to protect them fromwildfires.

GelTech Solutions reported a net loss of $5.51 million on $800,000of sales for the year ended June 30, 2015, compared to a net lossof $7.11 million on $815,000 of sales for the year ended June 30,2014.

As of June 30, 2015, the Company had $1.69 million in total assets,$5.24 million in total liabilities and a $3.55 million in totalstockholders' deficit.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "goingconcern" qualification on the consolidated financial statements forthe year ended June 30, 2015, citing that the Company has a netloss and net cash used in operating activities in 2015 of $5.51million and $3.66 million, respectively and has an accumulateddeficit and stockholders' deficit of $40,647,303 and $3,550,528,respectively, at June 30, 2015. These matters raise substantialdoubt about the Company's ability to continue as a going concern.

GOLDEN COUNTY: Debtor Has Until Nov. 13 to File Liquidation Plan----------------------------------------------------------------Judge Kevin Gross of the U.S. Bankruptcy Court for the District ofDelaware extended the period by which Plover Appetizer Co., f/k/aGolden County Foods, Inc., et al., have exclusive right to file aplan through and including Nov. 13, 2015.

Judge Gross also extended the period by which the Debtors haveexclusive right to solicit acceptances of that plan through andincluding Jan. 25, 2016.

According to the Debtors, since the closing of the sale ofsubstantially all of their assets, they have focused on windingdown their operations, attending to administrative matters, andnegotiating a consensual plan of liquidation with the OfficialCommittee of Unsecured Creditors. The Debtors said they havedrafted the majority of the plan of liquidation and believe theywill be prepared to file a plan supported by most, if not all, oftheir stakeholders, in the coming weeks.

Because consummating a consensual plan remains the Debtors' primarygoal, the Debtors assert that they must retain the ability andflexibility to focus on the remaining items that are important totheir emergence from Chapter 11 without the distraction,disruption, and expense of competing Chapter 11 plans. Maintainingthe exclusive right to file and solicit votes on a Chapter 11 planof liquidation is critical to the Debtors' ability to completethese necessary steps as efficiently and expeditiously as possible,the Debtors further asserted.

According to the report, the exploration and production companyexpects this deal to close Oct. 1, which will leave $116.8 millionworth of the original bonds outstanding and issues $75 million innew bonds.

* * *

The Troubled Company Reporter, on Sept. 30, 2015, reported thatMoody's Investors Service downgraded Goodrich PetroleumCorporation's Corporate Family Rating to Caa3 from Caa1 and revisedthe Probability of Default Rating (PDR) to Caa3-PD/LD from Caa1-PD. Moody's also downgraded Goodrich's senior unsecured notes to Cafrom Caa2, and preferred debt to C from Caa3. Speculative GradeLiquidity Rating was changed to SGL-4 from SGL-3. The ratingoutlook remains negative.

Moody's considers Goodrich's debt exchanges announced inSeptember,2015 as distressed exchanges for its senior unsecured debt (bothsenior notes and convertible notes). A distressed exchange iseffectively a default under Moody's definition of default. OnSept. 25, 2015, the company announced exchange of $158.2 millionofrated senior notes (out of the total $275 million originallyissued) due 2019 for $75 million of new second lien notes due2018.On Sept. 8, 2015, it closed a transaction to exchange $55 millionof unrated convertible notes due 2032 (out of the roughly $175million total convertible notes issued) for $27.5 million of newconvertible notes due 2032. Goodrich may seek to consummatefurther exchanges as it seeks to manage its untenable capitalstructure. Moody's appended Goodrich's revised Caa3-PD PDR withan"/LD" designation indicating limited default, which will beremovedafter three business days.

The TCR, on Sept. 29, 2015, reported that Standard & Poor's RatingsServices said that it lowered its issue-level rating on U.S.-basedexploration and production (E&P) company Goodrich Petroleum Corp.'s8.875% senior unsecured notes due 2019 to 'D' from 'CCC' followingthe company's announcement that it has entered into an agreementwith a portion of holders under which the company will exchangeapproximately $158.2 million of those notes due 2019 for $75million in a new series of 8.875% second-lien senior secured notesdue 2018. The recovery rating remains '6', indicating negligible(0%-10%) recovery in the event of a default.

The company's corporate credit rating was recently lowered to 'SD'(selective default) following an announcement that it reached anagreement with holders of portions of its senior unsecuredconvertible notes to exchange the notes for new senior unsecuredconvertible notes. S&P expects to review the corporate creditrating and issue-level ratings when it assess the likelihood offurther exchanges as low. S&P's analysis will incorporate thecompany's modestly improved liquidity and leverage position, whilestill taking into account the challenging operating environment.

-- $566.5 million senior revenue bonds, 2014 series A, 2012 series A and 2010 series A, at 'BBB-';

-- $14.2 million subordinated revenue bonds, 2010 series A, at 'BB+'.

The Rating Outlook is revised to Stable from Negative.

SECURITY

Senior lien bonds are payable from a first lien on net revenues ofGPA. Outstanding subordinated revenue bonds are also payable fromnet revenues, subject to payment of the senior bonds. A default onthe subordinated revenue bonds would not trigger a default on thesenior revenue bonds.

KEY RATING DRIVERS

SOLE POWER PROVIDER: GPA provides retail electricity to the nearly160,000 residents of the island of Guam, the westernmost territoryof the U.S. The significant presence of the U.S. Navy providesstability to the island's economy and the authority's customerbase.

OUTLOOK REVISION TO STABLE: The revision in Outlook reflectsFitch's recognition of the potentially longer timeframe GPAbelieves it could take to fully implement its plan to reduce itsdependence on oil-fired generation through a system-wide conversionto dual-fuel generation. While costs associated with the plancould remain significant, a longer time horizon should providesufficient capacity to absorb additional debt plans and relatedcosts.

HIGH RATES SUBJECT TO REGULATION: GPA's electric rates areregulated by the Guam Public Utility Commission (PUC), whichauthorizes cost recovery for fuel and other related costs. ThePUC's responsiveness to requests for cost recovery in recent yearsis viewed favorably by Fitch, but delays are inherent in both theregulatory process and the recovery mechanism.

LIMITED ECONOMY: Guam exhibits a limited economy largely dependenton international tourism but generally supported by the presence ofthe U.S. military. Unemployment has fallen to a more acceptablelevel and electric revenue collection remains strong despite thepersistence of weak income levels and high electric rates.

RATING SENSITIVITIES

IMPLEMENTATION OF POWER SUPPLY PLAN: Stability in the Guam PowerAuthority rating will be determined largely by the authority'sability to effectively implement and manage its proposed energyconversion plan while maintaining financial metrics sufficient tosupport the planned increase in leverage. Project costs andrelated debt levels beyond what is currently forecast could resultin negative rating pressure.

CREDIT PROFILE

POWER SUPPLY CONVERSION

The authority is in the early stages of gaining the necessaryregulatory approvals needed to execute its resource implementationplan, which primarily includes construction of two 60 MW combinedcycle units (CCUs) with dual fuel capability expected to becomplete by 2020. Construction of an additional 60 MW combinedcycle unit within the 2020-2021 timeframe is also being considered,although the project is likely to occur given the unexpected lossof one of GPA's primary generating units due to a recent fire.

The balance of the resource implementation plan calls for theretirement of the Cabras Power Plant upon completion of the threecombined cycle units, the retrofit of two existing generating unitsto burn ULSD, and the installation of an energy storage batterysystem. The eventual conversion of the new and existing units toLNG is not expected to occur before 2021 at the earliest based onthe authority's expectations for a protracted permitting processthat could take up to five years.

In the interim, officials believe the overall efficiency of the newunits expected to come online coupled with the utilization of ULSDwill bring the system into compliance with the EPA's maximumachievable control technology (MACT) standards and position theauthority to meet potential requirements under the Clean PowerPlan.

All-in costs and related debt issuance plans supporting thesystem-wide conversion to LNG were expected to be significant,prompting Fitch to revise the Outlook to Negative from Stable inAugust 2014. While the project costs are expected to remainsizeable, authority officials now believe execution of the finalphase of the plan (installing and converting all generating unitsto LNG) will be at GPA's option. Accordingly, the total cost ofthe resource implementation plan could potentially change andspread out over a longer time horizon than initially expected.

HIGH LEVERAGE EXPECTED TO CONTINUE

The authority expects to rely significantly on debt issuance tofund the vast majority of costs associated with the fueldiversification plan. All-in costs related to the system-wideconversion to LNG are significant, estimated at approximately $691million based on a 2014 feasibility assessment that assumed theconversion is completed by 2021. Fitch expects debt service costswill rise considerably as a result, although the full impact of theadditional debt will not occur until beyond the authority's currentfinancial forecast period of 2015-2019.

Current leverage ratios, including debt to funds available for debtservice and equity to capitalization, are weak but consistent withthe current rating at 8.8x and 17.1%, respectively. Subordinatelien obligations will fully mature on Oct. 1, 2015, resulting in asizable $15 million decline in annual debt service paymentsbeginning in fiscal 2016. In addition, remaining capital leasepayments ramp down significantly in 2018 before fully concluding in2019. The reduction in annual debt service costs should provideGPA with some capacity and flexibility to absorb the additionalleverage programmed into the current capital plan.

WEAK BUT IMPROVED FINANCIAL PROFILE

The authority's financial metrics improved in fiscal 2014 as aslight decline in annual energy sales was positively offset by a 6%base rate increase. All-in Fitch calculated debt service coverageand liquidity improved to a more acceptable 1.34x and 39 days ofcash on hand from below 1.0x debt service coverage in fiscals 2013and 2012 and 17 days cash in both years.

Operating income based on preliminary financial results though thefirst nine months of fiscal 2015 is largely unchanged from the sameperiod in fiscal 2014. Accordingly, Fitch expects year-end debtservice coverage of about 1.40x in fiscal 2015, in line withprojected financial results provided in 2014.

GPA's financial forecast shows Fitch-calculated debt servicecoverage increasing over the next three fiscal years beforeleveling out in the outer years at about 1.4x. The forecastconservatively assumes electric rates are held constant and modestdeclines in energy sales continue. The forecast benefits fromscheduled declines in debt service payments and conservativelyexcludes the planned military buildup.

TOURISM-BASED ECONOMY

Guam receives over 1.3 million visitor arrivals annually, themajority of which are from Japan. The government has workedaggressively to grow its visitor base, successfully expanding avisa waiver program to include Russia and working to add mainlandChina, an effort that if successful has the potential tosignificantly increase economic activity on the island.

The previously anticipated relocation of nearly 5,000 U.S. Marinesfrom a base in Okinawa to Guam is reportedly proceeding following aprotracted delay. The increase in military personnel, whilesmaller than previously expected, is still viewed positively byFitch, as nearly all related infrastructure costs are expected tobe borne by the U.S. Navy.

The island's March 2015 unemployment rate is down considerably at7.7% compared to about 13% midway through 2013. Similar to allU.S. territories, wealth indicators rank significantly lower thanthose of the U.S., although Guam's median household income ishigher than its island peers. Despite the relatively weak levels,GPA's annual bad debt expense has remained low at less than .5%,indicating consistently strong collection rates of annual revenue.

GULFSLOPE ENERGY: Anticipates Further Losses in Business--------------------------------------------------------GulfSlope Energy, Inc., filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q, disclosing a net lossof $840,000 on $nil of revenues for the three months ended June 30,2015, compared to a net loss of $613,000 on $nil of revenues forthe same period in the prior year.

The Company's balance sheet at June 30, 2015, showed $6.90 millionin total assets, $9.37 million in total liabilities and totalstockholders' deficit of $2.48 million.

The Company has incurred accumulated losses for the period frominception to June 30, 2015 of $27.3 million. Further losses areanticipated in developing our business. As a result, its auditorshas expressed substantial doubt about the Company's ability tocontinue as a going concern. As of June 30, 2015, the Company had$195,000 of unrestricted cash on hand. The Company estimates thatit will need to raise a minimum of $10 million to fund operationsthrough June 30, 2016, and likely significantly more capital tomeet its obligations during the subsequent 12 months. The Companyplans to finance the Company through the issuance of equity, debtfinancing, and/or the sale of working interests in its prospects.

GulfSlope Energy, Inc., is focused on the exploration for crude oiland natural gas in the Gulf of Mexico. The Company maintains itsheadquarters in Houston.

HAGGEN HOLDINGS: FTC Says Albertsons Can Rehire Workers ASAP------------------------------------------------------------Rhonda Smith, writing for Bloomberg News, reported that the FederalTrade Commission approved by a 4-0 vote on Sept. 25 a waiverCerebus Institutional Partners filed to modify a divestitureagreement with Haggen Holdings LLC so the former company couldbegin hiring workers laid off when Haggen filed for Chapter 11bankruptcy protection, the agency announced.

According to the report, the FTC's order that the waiver be removedin the divestiture agreement between the companies means Albertsonscan begin soliciting and hiring Haggen employees immediately, UFCWleaders said. The divestiture agreement originally stipulated thatAlbertsons and its parent company could not solicit or hire Haggenworkers previously employed by Albertsons until 12 months after themerger's closing date, the report related.

The Debtors have estimated assets of $50 million to $100 millionand estimated liabilities of $10 million to $50 million.

HANSEN MEDICAL: Has $12.5-Mil. Net Loss in 2nd Quarter------------------------------------------------------Hansen Medical Inc. filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q, disclosing a net lossof $12.5 million on $3.09 million of total revenues for the threemonths ended June 30, 2015, compared with a net loss of $12.3million on $6.89 million of total revenue for the same period lastyear.

The Company's balance sheet at June 30, 2015, showed $65.0 millionin total assets, $42.9 million in total liabilities, andstockholders' equity of $22.1 million.

As of June 30, 2015, the Company's cash, cash equivalents,short-term investments and restricted cash balances were $47.0million. The Company anticipates that its existing availablecapital resources as of June 30, 2015 and the estimated amountsreceived through the sale of its products and services will not besufficient to meet its anticipated cash requirements for the nexttwelve months. These factors raise substantial doubt about theCompany's ability to continue as a going concern, according to theregulatory filing.

Hansen Medical develops, manufactures and markets a new generationof medical robotics designed for accurate positioning,manipulation and stable control of catheters and catheter-basedtechnologies.

The Company reported a net loss of $11.9 million on $5.79 million of revenues for the three months ended March 31, 2015, comparedwith a net loss of $14.5 million on $3.7 million of revenue for thesame period in 2014.

The Company's balance sheet at March 31, 2015, showed $77.6 millionin total assets, $61.6 million in total liabilities, $19.7 millionin convertible preferred stock and a stockholders' deficit of $3.72million.

HAVERHILLS CHEMICALS: Section 341(a) Meeting Set for October 10---------------------------------------------------------------The U.S. Trustee for Region 6 will convene a meeting of creditorsof Haverhill Chemicals LLC on Oct. 20, 2015, at 1:00 p.m., 515 RuskSuite 3401 in Houston, Texas.

This is the first meeting of creditors required under Section341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend. Thismeeting of creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company's financial affairs andoperations that would be of interest to the general body ofcreditors.

About Haverhill Chemicals

Haverhill Chemicals LLC filed a Chapter 11 bankruptcy petition(Bankr. S.D. Tex. Case No. 15-34918) on Sept. 18, 2015. Thepetition was signed by Paul Deputy as chief financial officer. TheDebtor estimated assets of $1 million to $10 million andliabilities of $100 million to $500 million. Diamond McCarthy LLPserves as the Debtor's counsel. The case is assigned to JudgeMarvin Isgur.

The Debtor owns and operated the Haverhill Plant to produce Phenol,Acetone, Bisphenol A (BPA) and Alpha-Methylstyrene ("AMS") for saleto its customers. The chemicals are used to manufacture a widevariety of chemical intermediates, including phenolic resins,paint, varnishes, pharmaceuticals, film, epoxy resins, flameretardants, coatings and heat resistance of polystyrene.

HYDROCARB ENERGY: Stockholders Elect Two Directors--------------------------------------------------The annual meeting of shareholders of Hydrocarb Energy Corporationwas held on Sept. 28, 2015, at which the stockholders:

(1) elected Kent P. Watts and Chris Herndon as directors;

(2) approved an amendment to the Company's Articles of Incorporation to increase the number of authorized shares of the Company's common stock to 1,000,000,000 shares;

(3) approved an amendment to the Company's Articles of Incorporation to authorize 100,000,000 shares of "blank check" preferred stock;

(4) approved the designation of 10,000 shares of Series A 7% Convertible Voting Preferred Stock;

(5) approved the designation of 35,000 shares of Series B Convertible Preferred Stock;

(6) ratified the Company's 2015 Stock Incentive Plan;

(7) ratified the appointment of MaloneBailey CPA's, PC, as the Company's independent auditors for the fiscal year ending July 31, 2016;

(8) approved, by non-binding vote, the compensation of the Company's named executive officers; and

(9) recommended, by non-binding vote, every three years frequency of holding advisory votes on the compensation of the Company's named executive officers.

Hydrocarb Energy, formerly known as Duma Energy Corp, is apublicly-traded Domestic and International energy exploration andproduction company targeting major under-explored oil and gasprojects in emerging, highly prospective regions of the world.With exploration concessions in Africa, production in GalvestonBay and Oil Field Services in the United Arab Emirates, theCompany maintain offices in Houston, Texas, Abu Dhabi, UAE andWindhoek, Namibia.

Hydrocarb Energy reported a net loss of $6.55 million on $5.06million of revenues for the year ended July 31, 2014, compared toa net loss of $37.5 million on $7.07 million of revenues for theyear ended July 31, 2013.

As of April 30, 2015, the Company had $27.6 million in totalassets, $24.2 million in total liabilities and $3.4 million intotal equity.

"A decline in the price of our common stock could result in areduction in the liquidity of our common stock and a reduction inour ability to raise additional capital for our operations.Because our operations to date have been largely financed throughthe sale of equity securities, a decline in the price of ourcommon stock could have an adverse effect upon our liquidity andour continued operations. A reduction in our ability to raiseequity capital in the future could have a material adverse effectupon our business plan and operations, including our ability tocontinue our current operations," the Company stated in itsannual report for the year ended July 31, 2014.

IMS HEALTH: Moody's Hikes Corporate Family Rating to 'Ba3'----------------------------------------------------------Moody's Investors Service upgraded IMS Health Inc.'s CorporateFamily Rating to Ba3, from B1, and Probability of Default rating toBa3-PD, from B1-PD. Moody's also upgraded the ratings on IMS'ssenior secured credit facilities, to Ba2 from Ba3, and its seniorunsecured notes, to B2 from B3. The outlook is stable.

The upgrade of IMS's CFR to Ba3, from B1, reflects Moody'sexpectations for strong free cash flows, on the order of at least$400 million annually as a result of lower interest expense andcontinued strong, low-30% EBITDA margins, which may expand fromongoing cost-reduction efforts. Moody's anticipates someacquisitions to support modest organic growth in revenues, whichotherwise should increase in the range of 3 or 4% annually. Strongfree cash flows and growth in absolute EBITDA levels should enableIMS to delever, to around 4.5 times in mid-2016, and 4.0 times bylate 2016. Moody's also expects that IMS, operating with diminishedprivate equity sponsor control, will not pursue financial policiesthat would increase financial leverage. The Ba3 Corporate FamilyRating ("CFR") recognizes IMS's leading market position and thedifficulty competitors face in duplicating the scope of itsdatabases. While competitors exist, no other company approachesIMS's global scale or importance to its large pharmaceuticalcustomers. Additionally, the criticality of the data IMS providesto its customers drives high retention.

The large, leverage-neutral acquisition of Paris-based Cegedim madeearlier this year has complemented IMS's global and technologicalfootprint, and should allow the favorable deleveraging trend begunafter the IPO to continue. Given our expectations for strong andgenerally predictable annual free cash flows, IMS should be able tosustain historically strong cash balances for supportingincreasingly global operations. IMS's good liquidity position iscaptured in the SGL-2 liquidity rating. The ratings could be raisedwith maintenance of debt-to-EBITDA approaching 3.5 times,free-cash-flow-to-debt solidly above 10% on a sustained basis, anda demonstrated commitment to balanced financial policies. Theratings could be downgraded if we expect slower revenue growth or asustained decline in EBITDA due to competitive pressures ordifficulty integrating acquisitions. Additionally, if we expectdebt to EBITDA to be off its post-IPO trajectory of holding below5.0 times over the intermediate term, the rating could be pressureddown.

Danbury, CT-based IMS Health, Inc. provides critical sales andother market intelligence primarily to pharmaceutical and biotechcompanies. The company undertook an IPO in April 2014, andcontinues to be majority owned by affiliates of TPG Capital, L.P.,the Canadian Pension Plan Investment Board, and Leonard Green &Partners, L.P., all of whom have sold some of their holdings sincethe IPO. Including the early 2015 Cegedim and other, smalleracquisitions, Moody's anticipates IMS will have pro-forma annualrevenues of about $3.2 billion.

INFINITY ENERGY: Three Directors Elected to Board-------------------------------------------------At the annual meeting of stockholders of Infinity Energy Resources,Inc. held on Sept. 25, 2015, the stockholders:

(b) approved an amendment to the Company's Certificate of Incorporation to effect a reverse split of its outstanding shares of common stock, par value $0.0001 per share, by a ratio in the range of 1-for-8 and 1-for-11, as determined in the sole discretion of its Board of Directors;

(c) approved the 2015 Stock Option and Restricted Stock Plan and

reserve 5,000,000 shares for issuance under the Plan; and

(d) ratified the appointment of RBSM LLP as the independent registered accounting firm of the Company for the year ending Dec. 31, 2015.

About Infinity Energy

Overland Park, Kansas-based Infinity Energy Resources and itssubsidiaries, are engaged in the acquisition and exploration ofoil and gas properties offshore Nicaragua in the Caribbean Sea.

In its report on the consolidated financial statements for theyear ended Dec. 31, 2014, RBSM, LLP, expressed substantial doubtabout the Company's ability to continue as a going concern, citingthat the Company has suffered recurring losses, has no on-goingoperations, and has a significant working capital deficit.

The Company reported a net loss of $3.68 million for the year endedDec. 31, 2014, compared with a net loss of $2.43 million during theprior year.

As of June 30, 2015, the Company had $9.6 million in total assets,$19.3 million in total liabilities and a stockholders' deficit of$9.61 million.

INSITE VISION: Sun Pharma Has Tender Offer of $0.35 Per Share-------------------------------------------------------------Sun Pharmaceutical Industries Ltd. has commenced a tender offerthrough its indirect wholly owned subsidiary, Thea AcquisitionCorporation, for all of the outstanding shares of common stock ofInSite Vision Incorporated for $0.35 per share in cash, withoutinterest and less any required withholding taxes.

The tender offer is being made pursuant to an Offer to Purchase,dated Sept. 29, 2015, and in connection with the previouslyannounced Agreement and Plan of Merger, dated Sept. 15, 2015, asamended and restated as of Sept. 28, 2015, by and among InSiteVision, Ranbaxy, Inc. and Thea Acquisition Corporation.

The tender offer will expire on Oct. 27, 2015, at 12:00 midnight.New York City time (the end of the day), unless extended inaccordance with the Merger Agreement and the applicable rules andregulations of the Securities and Exchange Commission. Anyextension of the tender offer will be followed as promptly aspracticable by public announcement thereof, and such announcementwill be made no later than 9:00 a.m. New York City time on the nextbusiness day after the previously scheduled expiration date.

The tender offer is subject to customary conditions, including thetender of a majority of the outstanding Shares (calculated on afully-diluted basis). InSite Vision's board of directors has alsoapproved the transaction and unanimously recommended that itsstockholders tender their shares pursuant to the tender offer.

Thea Acquisition Corp. filed with the Securities and ExchangeCommission a tender offer statement on Schedule TO, setting forthin detail the terms of the tender offer. InSite Vision filed withthe SEC a Solicitation/Recommendation Statement on Schedule 14D-9setting forth in detail, among other things, the recommendation ofInSite Vision's board of directors that InSite Vision stockholdersaccept the tender offer and tender their Shares pursuant to theoffer.

The Depositary for the tender offer is American Stock Transfer &Trust Company, LLC. The Information Agent for the tender offer isMacKenzie Partners, Inc. The tender offer materials may beobtained at no charge by downloading them from the SEC's Web siteat http://www.sec.gov. A copy of the tender offer statement and InSite Vision's Solicitation/Recommendation Statement on Schedule14D-9 will be made available to all stockholders of InSite Visionfree of charge on InSite Vision's Web site at www.InSiteVision.comor by contacting InSite Vision at 510-747-1220.

KALOBIOS PHARMACEUTICALS: Accumulated Deficit at $194M at June 30-----------------------------------------------------------------KaloBios Pharmaceuticals, Inc., filed with the U.S. Securities andExchange Commission its quarterly report on Form 10-Q, disclosing anet loss of $6.04 million for the three months ended June 30, 2015,compared with a net loss of $9.81 million for the same period in2014.

The Company's balance sheet at June 30, 2015, showed $24.8 millionin total assets, $14.29 million in total liabilities, andstockholders' equity of $10.5 million.

The Company has incurred significant losses and had an accumulateddeficit of $194 million as of June 30, 2015. The Company hasfinanced its operations primarily through the sale of equitysecurities, grants and the payments received under its agreementswith Novartis Pharma AG (Novartis) and Sanofi Pasteur S.A.(Sanofi). To date, none of the Company's product candidates havebeen approved for sale and therefore the Company has not generatedany revenue from product sales. Management expects operatinglosses to continue for the foreseeable future. As a result, theCompany will continue to require additional capital through equityofferings, debt financing and/or payments under new licensing orcollaboration agreements. If sufficient funds on acceptable termsare not available when needed, the Company could be required tosignificantly reduce its operating expenses and delay, reduce thescope of, or eliminate one or more of its development programs. The Company's ability to access capital when needed is not assuredand, if not achieved on a timely basis, would materially harm itsbusiness, financial condition and results of operations. Further,any failure to raise capital could be deemed a material adversechange under our Loan and Security Agreement with MidCap Financialand that may, in turn, result in the lender declaring the loan indefault and demanding repayment of the principal, accrued interest,the exit fee and a prepayment fee. These conditions could raisesubstantial doubt about the Company's ability to continue as agoing concern.

Based in South San Francisco, Calif., KaloBios Pharmaceuticals, Inc., is a company biopharmaceutical company focused on the development of monoclonal antibody therapeutics.

The Company reported a net loss of $9.62 million on $nil of revenues for the three months ended Mar. 31, 2015, compared with a net loss of $10.4 million on $nil of revenue for the same period last year.

The Company's balance sheet at March 31, 2015, showed $32.0 million in total assets, $15.9 million in total liabilities, and a stockholders' deficit of $16.1 million.

KEMET CORP: Presented at Deutsche Bank Conference-------------------------------------------------Per--Olof Loof, chief executive officer, and William M. Lowe, Jr.,executive vice president and chief financial officer, of KEMETCorporation provided certain investor information at Deutsche BankLeveraged Finance Conference on Sept. 29, 2015. The slide packageprepared by the Company used in connection with these presentationsis available for free at:

KEMET, based in Greenville, South Carolina, is a manufacturer andsupplier of passive electronic components, specializing intantalum, multilayer ceramic, film, solid aluminum, electrolytic,and paper capacitors. KEMET's common stock is listed on the NYSEunder the symbol "KEM."

As of June 30, 2015, Kemet had $750 million in total assets, $619million in total liabilities and $131 million in totalstockholders' equity.

* * *

As reported by the TCR on March 26, 2013, Moody's InvestorsService downgraded KEMET Corp.'s Corporate Family Rating to 'Caa1'from 'B2' and the Probability of Default Rating to 'Caa1-PD' from'B2- PD' based on Moody's expectation that KEMET's liquidity willbe pressured by maturing liabilities and negative free cash flowdue to the interest burden and continued operating losses at theFilm and Electrolytic segment.

As reported by the TCR on Aug. 9, 2013, Standard & Poor's RatingsServices lowered its corporate credit rating on KEMET to 'B-' from'B+'. "The downgrade is based on continued top-line and marginpressures and lagging results from the restructuring of the Film &Electrolytic [F&E] business, which combined with cyclical weakend-market demand, has resulted in sustained, elevated leveragewell in excess of 5x, persistent negative FOCF, and diminishingliquidity," said Standard & Poor's credit analyst AlfredBonfantini.

The TCR reported in August 2014 that S&P revised its outlook onKEMET to 'stable' from 'negative'. S&P affirmed the ratings,including the 'B-' corporate credit rating.

KU6 MEDIA: Launches "Model Interactive Community"-------------------------------------------------Ku6 Media Co., Ltd. held a press conference to launch a newbusiness of video social communication to be known as "ModelInteractive Community".

The press conference successfully attracted approximately 40well-known media companies, including Sina, NetEase, Xinhuanet andothers. "Model Interactive Community" is an online live videocommunication program where models can interact with visitorsdirectly.

"It's my pleasure to announce that our new business, the 'ModelInteractive Community,' has been successfully launched," Mr. FengGao, chief executive officer of Ku6 Media, commented, "we believethat the new business will bring more user traffic andopportunities for revenue growth in the future."

Ku6 Media reported a net loss of $10.7 million in 2014 following anet loss of $34.4 million in 2013.

As of June 30, 2015, the Company had US$8.91 million in totalassets, US$14.3 million in total liabilities, and a totalshareholders' deficit of US$5.42 million.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People'sRepublic of China, issued a "going concern" qualification on theconsolidated financial statements for the year ended Dec. 31, 2014,citing that the Company's recurring losses, negative workingcapital, net cash outflows, and uncertainties associated withsignificant changes made, or planned to be made, in respect of theCompany's business model, raise substantial doubt about theCompany's ability to continue as a going concern.

According to the report, Judge Richard Sullivan of the U.S.District Court in New York said J.P. Morgan didn't abuse itsleverage as Lehman's primary clearing bank to force the investmentbank to hand over more collateral in the weeks before its historicSeptember 2008 collapse.

fourth largest investment bank in the United States. For morethan150 years, Lehman Brothers has been a leader in the globalfinancial markets by serving the financial needs of corporations,governmental units, institutional clients and individuals worldwide.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.District Court for the Southern District of New York, entered anorder commencing liquidation of Lehman Brothers, Inc., pursuant tothe provisions of the Securities Investor Protection Act (Case No.08-CIV-8119 (GEL)). James W. Giddens has been appointed astrusteefor the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase ofLehman Brothers' North American investment banking and capitalmarkets operations and supporting infrastructure for US$1.75billion. Nomura Holdings Inc., the largest brokerage house inJapan, purchased LBHI's operations in Europe for US$2 plus theretention of most of employees. Nomura also bought Lehman'soperations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, morethan three years after it filed the largest bankruptcy in U.S.history. The Chapter 11 plan for the Lehman companies other thanthe broker was confirmed in December 2011.

Following the 8th distribution slated for October 2015, totalpayouts to creditors in the firm's bankruptcy have reachedapproximately $105.4 billion.

LESLIE'S POOLMART: Moody's Hikes Corporate Family Rating to 'B2'----------------------------------------------------------------Moody's Investors Service upgraded Leslie's Poolmart, Inc.Corporate Family Rating to B2 from B3 and Probability of DefaultRating to B2-PD from B3-PD. Moody's also upgraded the seniorsecured term loan rating to B1 from B2. These actions conclude thereview for upgrade initiated on June 16, 2015 upon the adoption ofMoody's updated approach for standard adjustments for operatingleases, which is explained in the cross-sector rating methodologyFinancial Statement Adjustments in the Analysis of Non-FinancialCorporations, published on June 15, 2015. The rating outlook isstable.

The upgrade reflects Leslie's approximately 0.8 times decline inlease-adjusted debt/EBITDA from 7.1 times to 6.3 times (as of June27, 2015) due to changes in Moody's approach for capitalizingoperating leases. The stability in demand for pool suppliesrelative to other consumer products and the company's goodliquidity profile, including its ability to generate positiveannual free cash flow even during periods of unfavorable weatherpatterns, also support the rating upgrade.

Moody's took the following rating actions on Leslie's Poolmart,Inc.:

-- Corporate Family Rating, upgraded to B2 from B3

-- Probability of Default Rating, upgraded to B2-PD from B3-PD

-- $615 million first lien senior secured term loan due 2019, upgraded to B1 (LGD3) from B2 (LGD3)

-- Rating outlook is stable

RATINGS RATIONALE

The B2 Corporate Family Rating reflects Leslie's small scale,narrow product focus, vulnerability to weather patterns and highlyseasonal operations. The rating also incorporates the company'shigh debt levels, with debt/EBITDA at 6.3 times and EBITA/interestexpense at 1.5 times as of June 27, 2015 (Moody's-adjusted), andaggressive financial policies. Nevertheless, the rating issupported by the recession-resistant nature of demand for poolsupplies, the company's track record of consistent revenue andearnings growth (outside recent weather-related weakness), solidEBITA margins, and good liquidity, including consistent positivefree cash generation. Moody's believes that Leslie's negativesame-store sales and EBITDA margin contraction since 2013 reflectprimarily unfavorable weather as well as pressure from onlinecompetition and possibly a shift away from DIY pool maintenance asthe economy improves. Moody's anticipates that the company will beable to successfully adapt to ecommerce competition by capitalizingon its differentiated service and brand name, but expect futureearnings growth to be more muted than historical performance due toincreased price transparency and ecommerce investment.

The stable rating outlook reflects the expectation for low- tomid-single-digit earnings growth, primarily from new store openingsand growth in the commercial segment. The outlook also reflectsMoody's view that the company will maintain a good liquidityprofile, including positive free cash flow generation, but willcontinue to prioritize the use of cash towards dividends, bolt-onacquisitions and new store openings rather than debt reduction.

The ratings could be downgraded if the company's operatingperformance deteriorates in a way that causes higher financialleverage or weakened liquidity. Quantitatively, the ratings couldbe downgraded if debt/EBITDA is sustained above 6.25 times andEBITA/interest expense approaches 1.25 times.

An upgrade would require a commitment to more conservativefinancial policies, including the use of free cash flow towardsdebt repayment. Quantitatively, the ratings could be upgraded ifdebt/EBITDA is sustained below 5 times and EBITA/interest expenseis sustained above 2 times.

LIBERATOR INC: Needs More Time to File 2015 Form 10-K-----------------------------------------------------Liberator, Inc. notified the Securities and Exchange Commissionthat it has experienced a delay in completing the informationnecessary for inclusion in its June 30, 2015, Form 10-K AnnualReport. The Company expects to file the Annual Report within theallotted extension period.

About Liberator Inc.

Atlanta, Georgia-based Liberator is a vertically integratedmanufacturer that designs, develops and markets products andaccessories that enhance intimacy. Liberator is also a nationallyrecognized brand trademark, brand category and a patented line ofproducts commonly referred to as sexual positioning shapes and sexfurniture.

Liberator disclosed a net loss of $376,000 on $14.7 million ofnet sales for the year ended June 30, 2014, compared to a net lossof $288,000 on $13.8 million of net sales for the year ended June30, 2013.

As of March 31, 2015, the Company had $3.41 million in totalassets, $5.33 million in total liabilities, and a $1.91 milliontotal stockholders' deficit.

Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a"going concern" qualification on the consolidated financialstatements for the year ended June 30, 2014. The independentauditors noted that the Company has a net loss of $376,000, aworking capital deficiency of $1.69 million, an accumulated deficitof $8.42 million and a negative cash flow from continuingoperations of $199,000. These factors raise substantial doubtabout the Company's ability to continue as a going concern.

LPATH INC: CFO Gary Atkinson Named Interim CEO----------------------------------------------Lpath, Inc. announced that Gary Atkinson has been appointed interimchief executive officer of the Company, effective immediately. Mr.Atkinson will continue to serve as Lpath's chief financialofficer.

Mr. Atkinson joined Lpath as CFO in 2005, and has more than 20years of experience with life science companies. Prior to Lpath,he served as the CFO for Quorex Pharmaceuticals, which was acquiredby Pfizer. He also previously served as vice president of financeat Isis Pharmaceuticals, and as a financial consultant to IchorMedical Systems. Earlier in his career, Mr. Atkinson served as thecorporate controller at Loral Aerospace Corporation and as thedirector of financial planning at Cubic Corporation. Mr. Atkinsonbegan his career at Ernst and Young. He is a graduate of BrighamYoung University.

"The Lpath team is optimistic about the opportunities inherent inour technology platform and drug candidates," said Mr. Atkinson."In my expanded role, I will continue to focus on driving our mostpromising drug compounds to near-term, important inflection points,which should provide us with a variety of strategic avenues forvalue creation," said Mr. Atkinson.

Petree added, "We are also grateful to Mike Lack who stepped-in tohelp guide Lpath through a transition period. His contract hasconcluded, and we wish him well in his future endeavors."

On Sept. 23, 2015, the Board of Directors of Lpath concluded itsconsulting agreement with Michael Lack, the Company's interim chiefexecutive officer, effective as of Sept. 30, 2015. Pursuant to theterms of the Consulting Agreement, Mr. Lack will be deemed to haveresigned from his positions as interim chief executive officer andprincipal executive officer on Sept. 30, 2015. The Boardterminated the Consulting Agreement without cause, and there is nodisagreement between Mr. Lack and the Board on any matter relatedto the Company or its operations.

About LPath

San Diego, Calif.-based Lpath, Inc. is a biotechnology companyfocused on the discovery and development of lipidomic-basedtherapeutics, an emerging field of medical science wherebybioactive lipids are targeted to treat human diseases.

LPath reported a net loss of $16.6 million in 2014, a net loss of$6.56 million in 2013 and a net loss of $2.75 million in 2012.

As of June 30, 2015, the Company had $15.4 million in total assets,$2.7 million in total liabilities and $12.7 million in totalstockholders' equity.

MAGNETATION LLC: Wants Until Feb. 29 to File Chapter 11 Plan------------------------------------------------------------BankruptcyData reported that Magnetation LLC, et al., filed withthe U.S. Bankruptcy Court a second motion to extend the exclusiveperiod during which the Company can file a Chapter 11 plan andsolicit acceptances thereof until Feb. 29, 2016, and April 29,respectively.

The motion explains, "The Debtors seek these extensions to avoidthe necessity of having to pursue confirmation of a plan ofreorganization prematurely and to ensure that their plan ofreorganization best addresses the interests of the Debtors andtheir employees, creditors and estates. . . .

Specifically, an extension of the Debtors' exclusive periods isrequired to enable the Debtors to: (a) resolve their contractualarrangement with AK Steel going forward; (b) continue to refinetheir business model to deliver both a more efficient coststructure and future revenue growth so that the Debtors cancontinue to compete effectively in the iron ore industry; (c)further implement specific restructuring initiatives; (d) completeanalysis of the Debtors' executory contracts and leases; (e) secureadequate liquidity upon emergence from chapter 11; and (f) furtherdevelop support for a plan of reorganization reflecting theinitiatives set forth above and others that are underway."

The Court scheduled an Oct. 13, hearing, with objections due byOct. 8.

As reported by the Troubled Company Reporter on Sept. 25, 2015,the Debtors, in August filed a proposed Joint Plan of Reorganization plan in order to satisfy an applicable milestoneinthe DIP Credit Agreement and the Restructuring Support Agreement.

The Plan still has blanks as to the proposed treatment andestimated recovery for general unsecured claims and convenienceclass claims. Holders of interests in Mag LLC won't receiveanything and their interests would be cancelled. The proposedtreatment of the secured creditors is already set forth in theRSA:

-- Claims arising under the DIP facility will be exchange forthe new first lien term loan credit facility that reorganizedMagnetation will enter into on the on the Effective Date.

-- Holders of claims under the $65 million prepetition creditfacility are unimpaired and will be paid in full.

-- Holders of the $425 million in senior secured notes due 2018will receive new second lien notes in the principal amount of$232.5 million, 75% of the new common stock of Mag LLC, and 90% ofthe new convertible preferred stock (face amount of $138.9million.

Whether the noteholders are impaired or unimpaired, andconsequently their voting rights, is still unknown under thepresent iteration of the Plan. The remaining 25% of the new commonstock will be distributed as part of a management incentive planand will vest after 3 years, according to the RSA.

The lenders providing a DIP term loan facility of up to $135million have required the Debtors to file a plan of reorganizationin the form acceptable to the lenders on or before the 90th dayafter the Petition Date. The Debtors are required to obtainconfirmation of the plan, or in the alternative obtain approval ofan 11 U.S.C. Sec. 363 sale, on or before the 175th day after thePetition Date, which is around the end of October.

The Debtors said in a motion seeking an exclusivity extension thatthe Plan is in the form and substance acceptable to the Lenders. While the Plan embodies the agreements, terms and conditions setforth in the RSA, the Debtors believe that additional negotiationand the resolution of certain key contingencies, including theDebtors' contractual arrangement with its sole customer, AK SteelCorporation and recoveries to unsecured creditors, are necessarybefore they can file a disclosure statement that contains adequateinformation and solicit votes on the Plan.

As of Sept. 23, 2015, the Debtors have not yet submitted aDisclosure Statement.

Votes to accept or reject a plan cannot be solicited from holdersof Claims or interests entitled to vote on a plan until adisclosure statement has been approved by a bankruptcy court anddistributed to such holders.

The U.S. Trustee for Region 12 appointed three creditors ofMagnetation LLC to serve on an official committee of unsecuredcreditors.

* * *

The Debtors have obtained an extension until Nov. 1, 2015, oftheirexclusive period to propose a Chapter 11 plan, and until Dec. 31,2015, of the time to solicit acceptances for that plan.

MCCLATCHY CO: Bestinver Gestion Owns 4.91% of Class A Shares------------------------------------------------------------Bestinver Gestion S.A., SGIIC disclosed in a Schedule 13G filedwith the Securities and Exchange Commission on Sept. 28, 2015, thatit beneficially owned 3,080,257 shares of Class A Common Stock ofThe McClatchy Company representing 4.91 percent of the sharesoutstanding. A copy of the regulatory filing is available for freeat http://is.gd/Evfmoy

About The McClatchy Company

Sacramento, Cal.-based The McClatchy Company (NYSE: MNI)-- http://www.mcclatchy.com/-- is a media company that provides both print and digital news and advertising services. Itsoperations include 30 daily newspapers, community newspapers,websites, mobile news and advertising, niche publications, directmarketing and direct mail services. Its owned newspapers include,among others, the (Fort Worth) Star-Telegram, The Sacramento Bee,The Kansas City Star, the Miami Herald, The Charlotte Observer,and The (Raleigh) News & Observer. The Company holds interest indigital assets which include CareerBuilder, LLC, ClassifiedVentures, LLC, HomeFinder, LLC, and Wanderful Media.

McClatchy Co reported net income of $374 million on $1.14 billionof net revenues for the year ended Dec. 28, 2014, compared with netincome of $18.8 million on $1.21 billion of net revenues for theyear ended Dec. 29, 2013.

As of June 28, 2015, the Company had $1.9 billion in total assets,$1.7 billion in total liabilities and $201.9 million instockholders' equity.

* * *

McClatchy carries a 'Caa1' corporate family rating from Moody'sInvestors Service. In May 2011, Moody's changed the ratingoutlook from stable to positive following the company'sannouncement that it closed on the sale of land in Miami for$236 million. The outlook change reflects Moody's expectationthat McClatchy will utilize the net proceeds to reduce debt,including its underfunded pension position, which will reduceleverage by approximately half a turn and lower requiredcontributions to the pension plan over the next few years.

As reported by the TCR on April 2, 2014, Standard & Poor's RatingsServices affirmed all ratings on U.S. newspaper company TheMcClatchy Co., including the 'B-' corporate credit rating, andrevised the rating outlook to stable from positive. The outlookrevision to stable reflects S&P's expectation that thetimeframe for a potential upgrade lies beyond the next 12 months,and could also depend on the company realizing value from itsdigital minority interests.

Type of Business: MediaShift, Inc. is a digital advertising technology company. The Company, through its subsidiaries offers operators of private Internet networks to monetize their audiences through distributed ad technology platforms and across multiple devices.

Chapter 11 Petition Date: September 30, 2015

Court: United States Bankruptcy Court Central District of California (Los Angeles)

METALICO INC: Suspending Filing of Reports with SEC---------------------------------------------------Metalico, Inc., filed a Form 15 with the Securities and ExchangeCommission to terminate the registration of its common stock, parvalue US$0.001 per share. As a result of the filing, the Companyis no longer obligated to file periodic reports with the SEC.

About Metalico

Metalico, Inc., is a holding company with operations in twoprincipal business segments: ferrous and non-ferrous scrap metalrecycling, and fabrication of lead-based products. The Companyoperates recycling facilities in New York, Pennsylvania, Ohio,West Virginia, New Jersey, Texas, and Mississippi and leadfabricating plants in Alabama, Illinois, and California.Metalico's common stock is traded on the NYSE MKT under the symbolMEA.

Metalico reported a net loss attributable to the Company of $44.4million on $476 million of revenue for the year ended Dec. 31,2014, compared with a net loss attributable to the Company of $34.8million on $457 million of revenue for the year endedDec. 31, 2013.

As of June 30, 2015, the Company had $163.90 million in totalassets, $71.60 million in total liabilities and $92.30 million intotal stockholders' equity.

CohnReznick LLP, in Roseland, New Jersey, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, citing that the Company anticipates that itwill not meet the maximum Leverage Ratio covenant as prescribed bythe Financing Agreement for the quarter ended March 31, 2015, andthere can be no assurance that the Company can resolve anynoncompliance with their lenders. As a result, the Company's debtcould be declared immediately due and payable which would result inthe Company having insufficient liquidity to pay its debtobligations and operate its business. These conditions raisesubstantial doubt about the Company's ability to continue as agoing concern.

MILLER ENERGY: Files Voluntary Chapter 11 Bankruptcy Petition-------------------------------------------------------------Miller Energy Resources, Inc. on Oct. 1 disclosed that it andcertain of its subsidiaries have filed voluntary petitions forreorganization under Chapter 11 of the United States BankruptcyCode in the United States Bankruptcy Court for the District ofAlaska. Miller Energy has agreed upon a term sheet with ApolloInvestment Corp. and certain affiliates of Highbridge CapitalStrategies for a comprehensive financial restructuring that wouldsubstantially reduce the Company's indebtedness, provide along-term solution for its balance sheet, enable the Company tooperate with minimal disruption and loss of productivity, andprotect and preserve its going-concern value for all stakeholders.

The Chapter 11 Cases were filed pursuant to a term sheet settingforth a proposed plan of reorganization and a debtor-in-possessionloan facility of up to $20 million. The Pre-Negotiated BankruptcyPlan requires that the Second Lien Lenders support and providefunding for a proposed plan of reorganization of the Company andits subsidiaries on terms and conditions substantially similar tothose set forth in the Plan Term Sheet.

Miller Energy and its subsidiaries will continue to manage theirproperties and operate their businesses in the ordinary coursethroughout the Chapter 11 process while the Company seeksconfirmation of the Pre-Negotiated Bankruptcy Plan under thejurisdiction of the Bankruptcy Court.

To oversee the bankruptcy process and seek out any additionalopportunities outside the Pre-Negotiated Bankruptcy Plan tomaximize the value of the Company and its assets, Miller's Board ofDirectors has established a restructuring committee consisting offour members with equal voting power. The four members are theCompany's three independent directors -- Mr. Haag Sherman, Mr. BobGower and Mr. Gerald Hannahs -- and Miller's Chief ExecutiveOfficer, Mr. Carl Giesler.

The Company in March 2015 began its previously-disclosed capitalrepositioning process in order to stabilize its financial position,improve its balance sheet and maximize the value of its assets forall stakeholders. As part of that process, Miller Energy met withmore than 75 prospective lenders and potential non-core assetpurchasers. The Company had secured from a private financingsource a signed term sheet for a more than $165 million loan thatwould largely refinance the Company's outstanding debt.Additionally, the Company had secured signed letters of intent onseveral non-core asset sales. The loan and the non-core assetsales, coupled with the cash State of Alaska tax credits owed tothe Company, may have provided Miller Energy sufficient funding torestructure its financial position outside of bankruptcy. Theprivate financing source, however, recently terminated negotiationswith the Company, citing the initiation of administrativeproceedings against the Company by the Securities and ExchangeCommission Division of Enforcement as well as the involuntarybankruptcy petition filed against a subsidiary of the Company byaffiliates of Baker Hughes and Schlumberger.

A confluence of factors led to the Miller Energy's need to pursuethis financial restructuring. The Company believes that, amongthose factors, the most notable are (1) the recent withdrawal bythat private financing source from talks with the Company, (2) thesubstantial decline in Brent oil prices from greater than $100 perbarrel in September 2014 to less than $50 per barrel recently and(3) an ambitious drilling plan implemented during the relativelyhigh oil price environment of calendar 2014 that resulted inmeaningfully lower-than-expected additional production.

Miller Energy's Board and management believe this financialrestructuring in bankruptcy is a necessary and prudent step thatrepresents the best path forward for the Company. In addition,Miller Energy believes that the Pre-Negotiated Bankruptcy Plan willallow it to target an accelerated timeline for emergence frombankruptcy, at which point it expects to be a stronger, morecompetitive company. Miller Energy believes this plan willoptimize the value and productivity of the Company for all itsstakeholders, including its vendors and the State of Alaska.

The Chapter 11 process should allow Miller Energy to preserve thevalue of its assets and to operate its business with minimalinterruption while management implements the restructuring in adeliberate, court-supervised manner. Miller Energy would like tothank its employees, whose hard work, focus and dedication has beenand will remain essential to continued operations.

As it proceeds with its financial restructuring, the Companyexpects, based on current commodity prices, that its cash on handand cash from operating activities coupled with its expected statecash tax credit receipts and its DIP Facility of up to $20 millionwill be adequate to fund its projected cash needs, including theongoing and timely payment of operating costs and expenses.

In addition to the filing of the Chapter 11 Cases, Miller Energyasked the Bankruptcy Court to consider several "first day" motionson an expedited basis enabling it to continue its operations in theordinary course. Importantly, the Company expects to pay timelyall its vendors and other service providers in full forgoing-forward services and its employees' salaries and benefits,while maintaining its cash management systems.

Under the terms of the Pre-Negotiated Bankruptcy Plan, the SecondLien Lenders will convert a substantial amount of their existingloan into equity in the reorganized Company. The resultingreorganized company is, as a result, expected to bewell-capitalized, competitive and able to grow its operations.

The Second Lien Lenders may terminate the Pre-Negotiated BankruptcyPlan under certain circumstances, including if (i) a terminationevent occurs under the DIP Facility, including if the Company failsto meet certain milestones, (ii) the Chapter 11 Cases are convertedto a chapter 7 liquidation or dismissed, or (iii) a trustee orexaminer with expanded powers is appointed.

The Company can terminate the Pre-Negotiated Bankruptcy Plan if itbelieves in good faith that its fiduciary duties require thatplan's withdrawal.

The Restructuring Committee has directed that Miller's financialadvisor, Seaport Global Securities, in conjunction with managementand at the direction of the Restructuring Committee, continueefforts to solicit alternative refinancing, asset sale andrestructuring proposals. SGS and management will report allpotential offers to the Restructuring Committee for theirevaluation with the goal of ensuring that the Company maximizes theoverall recoveries for its stakeholders.

Miller Energy has retained Andrews Kurth LLP as legal counsel.

About Miller Energy Resources

Miller Energy Resources, Inc. --http://www.millerenergyresources.com-- is an oil and natural gas production company focused on Alaska. The Company has asubstantial acreage, reserve, and resource position in the State,significant midstream and rig infrastructure to support production,and 100% working interest in and operatorship of most of itsassets. Miller Energy manages its operations from Anchorage withadditional administrative offices in the lower 48.

MVP HEALTH: A.M. Best Hikes Finc'l Strength Rating to B+(Good)--------------------------------------------------------------A.M. Best Co. has affirmed the financial strength rating (FSR) ofB+ (Good) and the issuer credit ratings (ICR) of "bbb-" of MVPHealth Plan, Inc. and its affiliate, MVP Health Service Corp. Additionally, A.M. Best has upgraded the FSR to B+ (Good) from B(Fair) and the ICR of "bbb-" from "bb" of MVP Health InsuranceCompany. Concurrently, A.M. Best has withdrawn the FSR of B (Fair)and the ICR of "bb" of MVP Health Insurance Company of NewHampshire, Inc. (Bedford, NH). The outlook for all ratings remainsstable, except for the outlook on MVP Health Services Corp'sratings, which was revised to stable from negative. Collectively,all companies are subsidiaries of their direct parent, MVP HealthCare, Inc., and are domiciled in Schenectady, NY, unless otherwisespecified.

The upgrading of the ratings of MVP Health Insurance Companyreflects its revised strategic role within the group, with greateremphasis on commercial large group business in Vermont. Moreover,significant improvement in operating results has been recordedthrough mid-2015 and is projected to continue into 2016.

The outlook revision to stable for MVP Health Service Corp reflectsits change in strategic direction, resulting in favorable growth inpremium and recent improvement in operating results that isprojected to continue into 2016. A.M. Best will continue itsdiscussions with the management team about its revised strategy forthis entity, while assessing the capitalization, premium leverageand future direction within the group. A.M. Best anticipates thatthe parent organization will continue to implicitly and explicitlysupport the entity to fund its future growth initiatives.

The rating affirmations of MVP Health Plan, Inc. and its affiliatereflect the companies' strong brand recognition in New York andwell-established network with geographic outreach activitiesthroughout the state, which enhances each entity's stand-aloneassessment as well as the group's ongoing consolidation ofoperations and overall sound capitalization. The group gained alarger increase in individual membership due to some carriers notoriginally being as active in the exchange marketplace. A.M. Bestnotes that while the group has reported consistent net income overthe past three years, it has recorded underwriting losses over thepast two years. Management has implemented strategic initiativesto return the group to profitable trends, and through mid-2015, theconsolidated operating results have been very favorable. Due tothese initiatives, A.M. Best expects the organization to return toits historical level of profitability and maintain a steady growthacross its various business lines. The sound but declining levelof risk-adjusted capital levels is primarily the result of previouscumulative retained earnings.

A.M. Best believes that the organization has been pressured by thecompetitive nature of the commercial market, which is drivingsignificant margin compression on existing and new business. Additionally, the continued shift toward government-sponsored linesof business has been challenging. Moreover, the organization facescontinued challenges in the operating performance of its MedicareAdvantage business line, which is government-funded and heavilyimpacted by reimbursement cuts.

Of note is the considerable contribution of the Medicaid productline to the organization's consolidated operating performance,driven by strong results produced through its acquisition of theHudson Health Plan (HHP). In August 2013, MVP Health Plan, Inc.acquired HHP, a Tarrytown, NY-based Medicaid managed careorganization. As this entity continues to be integrated into MVPHealth Plan, Inc., A.M. Best will continue to assess the ultimateimpact of the HHP acquisition on the organization and its overalloperations, strategic plans, earnings and capitalization.

The withdrawal of the ratings on MVP Health Insurance Company ofNew Hampshire, Inc. reflects management's decision to exit the NewHampshire market and place its relatively small remaining policiesinto run-off. The run-off and completion of the withdrawal fromNew Hampshire is expected to be completed by early 2016.

A.M. Best believes that positive rating movement is unlikely in thenear to medium term. Key rating drivers that could lead to anegative rating action include further deterioration in operatingperformance in any of its core lines of business, a substantialdecline in the consolidated risk-adjusted capitalization or anyreimbursement issues surrounding its government-sponsored products.

U.S. District Judge Joseph F. Bianco said that firms could notescape the suit accusing their former attorneys, as well as thecompany's former chief financial officer, Peter Gordon, and hisassociates of perpetuating or failing to warn the company about anillegal scheme in which Gordon..

Founded in December 2003, Neogenix is a clinical stage,pre-revenuegenerating, biotechnology company focused on developingtherapeuticand diagnostic products for the early detection and treatment ofcancer. Neogenix, which has 10 employees, says it its approachandportfolio of three unique monoclonal antibody therapeutics -- holdthe potential for novel and targeted therapeutics and diagnosticsfor the treatment of a broad range of tumor malignancies.

The Debtor estimated assets of $10 million to $50 million anddebtsof $1 million to $10 million.

The U.S. Trustee for Region 4 has appointed seven members to thecommittee of equity security holders. Sands Anderson PCrepresentsthe Official Committee of Equity Security Holders. The Committeetapped FTI Consulting, Inc., as its financial advisor.

NEW YORK MILITARY: Sold for $15.83-Mil. to Chinese-Backed Buyer---------------------------------------------------------------Daniel Bases, writing for Reuters, reported that New York MilitaryAcademy, a 126-year-old preparatory school on the Hudson River thatcounts billionaire Donald Trump among its graduates, was sold onSept. 30 after a bidding war between groups backed by twoChina-based investors.

According to the report, the winning bid of $15.83 million camefrom the non-profit group Research Center on Natural Conservation,backed by a principal of China-based SouFun Holdings Ltd. Theybeat out California-based Global Preparatory Academies, which wasfunded by other Chinese investors, NYMA's lawyer Lewis Wrobel toldReuters.

New York Military Academy, a private coeducational boardingschool,filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No.15-35379) on March 3, 2015. David B. Fields signed the petitionasfirst vice-president. The Debtor reported total assets of $10.5million and total debts of $10.9 million.

The U.S. Trustee for Region 2 appointed three unsecured creditorsto serve on the Official Committee of Unsecured Creditors. TheCommittee tapped Steven Jurista, Esq., Wasserman, Jurista & Stolz,PC, as counsel.

NORALTA LODGE: S&P Affirms 'B' Corp. Credit Rating--------------------------------------------------Standard & Poor's Ratings Services affirmed its 'B' long-termcorporate credit rating on Nisku, Alta.-based private remoteaccommodations and catering services provider Noralta Lodge Ltd.The outlook is stable. At the same time, Standard & Poor's revisedits recovery rating on the company's C$150 million senior securedsecond-lien notes to '4' from '3' and affirmed its 'B' issue-levelrating on the debt. The '4' recovery rating indicates S&P'sexpectation for average (30%-50%; at the upper end of the range)recovery in the event of a default.

Noralta is a private oilfield services (OFS) company, founded in1997, which owns and operates remote industrial lodging toexploration and production Canadian (E&P) companies. NoraltaLodge's customer base is concentrated in Alberta's oil sandssector.

The stable outlook reflects Standard & Poor's expectation thatNoralta's overall financial risk profile will remain consistentwith S&P's expectations for the 'B' rating, despite its forecastreduced revenues and cash flow, as well as some margin compression. Furthermore, the company has bolstered its liquidity position byreducing its near-term capital spending to minimum maintenancelevels. As a result, S&P do not expect gross debt levels willincrease during its 12-month outlook period.

Although the recent and forecast deterioration of Noralta's cashflow metrics have not compromised its credit rating, S&P would takea negative rating action if the company's three-year weightedaverage FFO-to-debt fell below 12%, and S&P expected it to stay atthese levels. Based on S&P's view of its business prospects in thecurrent low hydrocarbon price environment, it views this asunlikely.

A positive rating action during our outlook period is unlikely;however, S&P could raise the rating if the company strengthens itscash flow metrics, such that its fully adjusted three-yearweighted-average FFO-to-debt increased above 30%, and S&P expectedit to stay above this threshold.

The change to a stable outlook reflects Moody's expectation thatOmnitracs will resume organic revenue growth in FY2016 anddemonstrate improving EBITDA margins, resulting in leveragetrending towards 6x by the end of FY 2016.

Omnitracs' B2 corporate family rating is primarily driven by highleverage from the acquisition financing of Omnitracs, Roadnet andXRS, as well as the cyclical nature of the business. The ratingsalso reflect the leading position Omnitracs has built providingfleet management software and communications systems for the longhaul trucking industry, its strong recurring revenue base, highretention rates and cash generating capabilities. Debt to EBITDA isestimated at approximately 6.8x pro forma for various adjustmentsand cost savings (but substantially higher without theadjustments). Omnitracs' revenue has declined in recent years asthe industry shifted from high priced and high margin satellitesystems to more moderately priced cellular systems. However thetransition is largely complete, and revenues are expected to returnto organic growth in FY2016. EBITDA margins are expected to growthrough FY2016 as the company transitions to a lower run-rate coststructure as back-office functions of XRS and Omnitracs have beencombined and several R&D and technology investment projects aremostly behind them.

The ratings could face downward pressure if revenues and EBITDAfail to rebound in 2016 or if leverage is expected to be sustainedabove 6.5x. Ratings could be upgraded if the company demonstratessustained revenue and cash flow growth, with leverage sustainedbelow 5x and free cash flow to debt of at least 8%.

Liquidity is good based on $32 million of cash on the balance sheetat June 30, 2015 and a $30 million undrawn revolver. We expect freecash flow of about $25 million to $30 million over the next 12 to18 months. The company has only to comply with a springingfinancial covenant if revolver or letter of credit borrowingsexceed 30% of the revolver size.

Issuer: Omnitracs, Inc.

Affirmations:

Issuer: Omnitracs, Inc.

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured First Lien Bank Credit Facility, Affirmed B1, LGD3

Senior Secured Second Lien Bank Credit Facility, Affirmed Caa1,LGD5

Outlook Actions:

Outlook, Changed To Stable From NegativeOmnitracs is a provider of fleet management systems to the truckingindustry. The company is headquartered in Dallas, TX.

PACIFIC RECYCLING: Hires Cable Huston as Counsel------------------------------------------------Pacific Recycling, Inc. seeks authorization from the U.S.Bankruptcy Court for the District of Oregon to employ Cable HustonLLP as Chapter 11 counsel, nunc pro tunc to August 27, 2015.

The Debtor requires Cable Huston to:

(a) advise Debtor of its rights, powers and duties as debtors and debtors-in-possession under Chapter 11 of the Bankruptcy Code;

(b) take all actions necessary to protect and preserve Debtor's

bankruptcy estate, including the prosecution of actions on Debtor's behalf, the defense of any action commenced against Debtor, negotiations concerning all litigation in which Debtor is involved, objections to claims filed against Debtor in this bankruptcy case, and the compromise

or settlement of claims;

(c) advise Debtor concerning, and prepare on behalf of Debtor, all necessary applications, motions, memoranda, responses, complaints, answers, orders, notices, reports and other papers, and review all financial and other reports required from Debtor as debtors-in-possession in connection

with administration of the Chapter 11 case;

(d) review the nature and validity of any liens asserted against Debtor's Property and advise Debtor concerning the enforceability of such liens;

(e) advise Debtor regarding its ability to initiate actions to collect and recover property, including outstanding accounts receivables, for the benefit of the bankruptcy estate; and

(f) provide such other legal advice or services as may be required in connection with this Chapter 11 case.

Cable Huston will also be reimbursed for reasonable out-of-pocketexpenses incurred.

Cable Huston received a wire transfer in the amount of $11,500.00on August 19, 2015. The source of these funds was debtor's fundsfrom proceeds of the sale of an unencumbered trailer.

Cable Huston received an additional retainer by wire transfer inthe amount of $45,000 on August 27, 2015, from funds provided by arelative of Debtor's owner.

Laura J. Walker, partner of Cable Huston, assured the Court thatthe firm is a "disinterested person" as the term is defined inSection 101(14) of the Bankruptcy Code and does not represent anyinterest adverse to the Debtors and their estates.

PACIFIC RECYCLING: Taps David Danecke as Special Counsel--------------------------------------------------------Pacific Recycling, Inc. seeks authorization from the U.S.Bankruptcy Court for the District of Oregon to employ David Deneckeas special counsel for the Debtor, nunc pro tunc to August 27,2015.

The Debtor requires Mr. Denecke to advise the Debtor regardingpossible post-petition financing or disposition of the Debtor'sassets or operations; transactions for possible sale of theDebtor's secured inventory; and, transactions for possible sale ofnewly acquired the Debtor inventory. Mr. Denecke has knowledge ofsome complicated pre-petition financing agreements of the Debtor,including State of Oregon Industrial Development Bond financing andNew Market Tax Credit financing; and the Debtor intends to seek Mr.Denecke's advice on matters related to treatment of these financingagreement post-petition.

The Debtor has agreed to compensate Mr. Denecke on an hourly basisin accordance with Mr. Denecke's ordinary and customary hourlyrates in effect on the date services are rendered at an hourly rateof $350.

Mr. Denecke will also be reimbursed for reasonable out-of-pocketexpenses incurred.

Mr. Denecke assured the Court that the firm is a "disinterestedperson" as the term is defined in Section 101(14) of the BankruptcyCode and does not represent any interest adverse to the Debtors andtheir estates.

At the same time, S&P raised the rating on the senior securedfirst-lien credit facility to 'BB-' from 'B+'. The recovery ratingon this debt is '2', indicating S&P's expectation for substantial(70% to 90%; at the low end of the range) recovery in the event ofpayment default. At the same time, S&P raised the rating on thesenior unsecured debt to 'B' from 'B-'. The recovery rating onthis debt is '5', indicating S&P's expectations for modest recovery(10% to 30%; at the low end of the range) in the event of default.

"The ratings upgrade is based on PRA's continued solid operatingperformance, which has given us greater confidence that PRA will beable to maintain leverage below 5x over time," said Standard &Poor's credit analyst Arthur Wong.

The stable outlook reflects S&P's belief that PRA is wellpositioned to benefit from the continued positive trends in the incontract research organization industry and potentially increasecross-selling opportunities after integrating the RPS operations.

PRESSURE BIOSCIENCES: Obtains $1.1-Mil. from Private Placement--------------------------------------------------------------Pressure BioSciences, Inc., has received gross proceeds of$1,100,000 from an additional closing of its $5 million PrivatePlacement, increasing the total amount raised to date in theOffering to $3,280,000. One or more additional closings areexpected in the near future.

Pursuant to the Subscription Agreement, the Company will issue tothe investors, Senior Secured Convertible Debentures with a fixedconversion price of $0.28 per restricted common share, and CommonStock Purchase Warrants exercisable into a total of 1,964,286shares of restricted common stock at an exercise price of $0.40 pershare. The Company is under no obligation to file a registrationstatement to register the shares underlying the Debentures andWarrants. The Company netted $990,000 in cash after taking intoaccount fees related to the Offering.

Mr. Richard T. Schumacher, president and CEO of PBI, commented:"The priorities for the use of funds from the Offering remain: (i)to expand the Company's marketing and sales capabilities, includinga sizeable increase in the number of the Company's marketing andsales personnel; (ii) to increase the Company's manufacturing andoperational capabilities; (iii) to ready the Company for apotential up-listing to a regulated exchange in the near future;and (iv) to retire all variable rate convertible debt we took onto help facilitate growth prior to additional equity capital beingraised. With the funds received to date, we have eliminatedapproximately 70% of all the VRCD we had as of the close of the2015 second quarter. It is expected that cash received fromadditional closings that may occur in the near future will be usedto eliminate all remaining VRCD debt."

Pressure Biosciences reported a net loss applicable to commonshareholders of $6.25 million on $1.37 million of revenue for theyear ended Dec. 31, 2014, compared to a net loss applicable tocommon shareholders of $5.24 million on $1.5 million of totalrevenue for the year ended Dec. 31, 2013.

As of June 30, 2015, the Company had $1.36 million in total assets,$5.69 million in total liabilities and a $4.32 million totalstockholders' deficit.

Marcum LLP, in Boston, Massachusetts, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014, noting that the Company has had recurring netlosses and continues to experience negative cash flows fromoperations. These conditions raise substantial doubt about theCompany's ability to continue as a going concern, the auditorssaid.

RADIOSHACK CORP: Wins Confirmation of Chapter 11 Plan-----------------------------------------------------Matt Chiappardi at Bankruptcy Law360 reported that a Delawarebankruptcy judge on Sept. 30, 2015, agreed to confirm theRadioShack Corp. estate's Chapter 11 plan after also giving thethumbs-up to a settlement between the debtor and unsecuredcreditors and lenders Standard General LP and Wells Fargo Bank NAthat put to rest a fight threatening to derail the liquidationstrategy.

During a hearing in Wilmington, U.S. Bankruptcy Judge Brendan L.Shannon said that the final details of the deal were hammered outminutes before the confirmation hearing was set to restart.

Tom Corrigan, writing for The Wall Street Journal, reported thatJudge Shannon said he would sign off on both the settlements andthe chapter 11 plan, which distributes proceeds from the company'sliquidation to its creditors.

"This has been a very challenging case," Judge Shannon said, theJournal cited. "There were issues that could have derailed thecase, frankly, any number of times."

About RadioShack Corporation

Headquartered in Fort Worth, Texas, RadioShack is a retailer ofmobile technology products and services, as well as productsrelated to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300company-operated stores in the United States, 270 company-operatedstores in Mexico, and approximately 1,000 dealer and other outletsworldwide.

The First Amended Plan provides that the SCP Agent will recover anestimated 80% to 90% of its allowed claim amount, estimated tototal $70 million. General Unsecured Claims, estimated to total$200 to $400 million, will receive a Pro Rata share, with AllowedClaims in Classes 6 and 7, of the Remaining Liquidating TrustAssets.

According to PlainsCapital, the Disclosure Statement fails toprovide an adequate feasibility analysis. The Disclosure Statementstates that because funding of the Plan is centered on the sale ofthe Collateral Real Property, the Debtor's valuation of theCollateral Real Property provides a reasonable basis to projectpayments under the Plan. However, the bank points out that theDebtor bases its valuation on appraisals that are so outdated as tobe inherently unreliable.

PlainsCapital also notes that the Disclosure Statement fails toprovide sufficient information to creditors to ensure that the Planis fair and equitable. The Plan proposes that the reorganizeddebtor will foreclose upon and then sell properties that constitutePlains' collateral. However, the bank notes that not only does theDisclosure Statement fail to set forth any timeline for when saleswill occur, but it also fails to provide reliable sales prices forthese properties.

Furthermore, the PlainsCapital points out that the DisclosureStatement fails to provide adequate information on the futuremanagement of the reorganized Debtor. According to the bank,because creditors rely on the Disclosure Statement in analyzing thefuture of the Debtor, it should contain a meaningful analysis ofthe future management and controlling parties.

Moreover, PlainsCapital complains that the Disclosure Statementfails to provide creditors with adequate information regardingpotential recoveries under the Plan. According to the bank,creditors have a right to known, in percentage terms, the amountthe Debtor estimates they will recover on their claims and thepotential timing of such a recovery.

Lastly, the bank points out that the Disclosure Statement fails toestimate the amount of administrative expenses. It notes that theDisclosure Statement should include an estimation of the amount ofadministrative expenses, including attorneys' fees andaccountants.

As reported in the June 26, 2015 edition of the TCR, Regent Parkhas filed a proposed plan of reorganization that proposes to paycreditors from funds paid by borrowers and from the proceeds of thesale of certain collateral.

As of the Petition Date, Regent Park had a portfolio of 32collateral loans, five loans that were secured by second lien deedsof trust in favor of Regent Park, and two unsecured loans.

As of the Petition Date, the aggregate principal balance of theloan portfolio was $11,196,533, with a current principal balance of$9,129,066. The loan portfolio is the Debtor's only significantasset.

Prepetition, to fund the collateral loans, Regent Park borrowedmoney from PlainsCapital Bank and First State Bank Central Texasunder a revolving promissory note. As of the Petition Date, theDebtor owed PlainsCapital $6,194,631 and owed First State$2,050,372.

Under the terms of the Plan, Regent Park may foreclose on anyCollateral Real Property securing the Collateral Loans without theBanks' permission and sell the Collateral Real Properties pursuantto Sec. 363 of the Bankruptcy Code. With the sale of eachCollateral Real Property securing the PCB Collateral Loans, RegentPark will retain funds sufficient to cover 70% of the operatingcosts for three months until it has enough funds in reserve tocover its operating costs through the Plan Term. After the initialsix months of operating funds, in each of the months Regent Parkhas obtained the operating capital equal to 70% of the operatingfunds for that month, Lester N Pokorne, the owner, Pokorne willfund the remaining 30% of the operating costs as an extension ofhis DIP Financing Agreement. In the event Mr. Pokorne files forbankruptcy protection prior to the Confirmation Date, he will seekpermission from the appropriate court to advance such funds.

According to the disclosure statement, the Plan contemplates:

(1) full payment, in Cash, on the Effective Date, or as otherwiseagreed, of all Allowed Administrative Claims;

(2) full payment, in Cash, on the Effective Date, or as otherwiseagreed, of all Allowed Priority Claims, except the Priority WageClaim of Steven Schulz;

(4) full payment of all Allowed Secured Claims of a GovernmentalEntity, together with interest at the rate required by Section506(b) of the Bankruptcy Code and Section 33.01 of the Texas TaxCode, from the Petition Date until paid in full at the closing ofone or more Collateral Real Property Sales disposing of theCollateral of the holder of an Allowed Secured Claim of aGovernmental Entity;

(5) satisfaction, release and discharge of the Allowed Claim ofPlainsCapital Bank from the sales proceeds of the CollateralReal Property pledged to PlainsCapital;

(6) satisfaction, release and discharge of the Allowed Claim ofFirst State Bank Central Texas from the sales proceeds of theCollateral Real Property pledged to First State Bank CentralTexas;

(7) periodic Cash dividends to holders of allowed generalunsecured claims on a pro rata basis from the net proceedsresulting from each Collateral Real Property Sale, with a final ProRata dividend made from remaining Cash on Hand on or before theOutside Date; and

(8) distribution to Lester N. Pokorne of any surplus remainingafter satisfaction of all senior claims.

A copy of the Disclosure Statement dated June 19, 2015, isavailable for free at:

Formed in 1999 under the name Pokorne Private Capital Group, LLC, Regent Park Capital, LLC, is a hard-money lender 100% owned byLester N. Pokorne, the sole managing member. With only twoemployees, Regent Park made loans to borrowers on a short-termbasis for the acquisition and/or development of real property inTexas â€“ mainly Austin, but also the Houston and Dallasareas.

Pursuant to an order dated Jan. 15, 2015, the Court approvedPokorne to provide debtor-in-possession financing in the amount of$18,000 per month through July 2015.

On June 4, 2015, the Debtor filed an emergency motion to extend theautomatic stay seeking to extend the stay under Sec. 362 and 105and enjoin PlainsCapital from prosecuting its lawsuit againstPokorne filed in the 419th District Court of Travis County, Texas. The Debtor sought to extend the stay to Pokorne because he isessential to the Debtor's reorganization efforts. On June 16,2015, the Court denied the Debtor's motion.

RELATIVITY MEDIA: Seeks to Extend Deadline to Remove Suits----------------------------------------------------------Relativity Media LLC has filed a motion seeking additional time toremove lawsuits involving the company and its affiliates.

In its motion, the company asked the U.S. Bankruptcy Court for theSouthern District of New York to move the deadline for filingnotices of removal of the lawsuits to Jan. 26, 2016.

The motion is on Judge Michael Wiles' calendar for Oct. 14. Objections are due by Oct. 7.

About Relativity Fashion

Based in New York, Relativity Fashion LLC dba M3 Relativity --http://relativitymedia.com/-- is a privately-held entertainment company with an integrated and diversified global media platformthat provides, among other things, film and television financing,production and distribution. Relativity was founded in 2004 by RyanKavanaugh as a films late cofinancier partnering with major studiossuch as Sony and Universal. In addition, the Company engages incontent production and distribution, including movies, television,fashion, sports, digital and music.

The Debtors reported total assets of $559.9 million, and totaldebts: $1.1 billion as of Dec. 31, 2014.

On August 7, 2015, the U.S. Trustee for Region 2 appointed sevencreditors to serve on the Debtors' official committee of unsecuredcreditors. The creditors are Allied Advertising LimitedPartnership, Carat USA Inc., Cinedigm Corp., Comen VFX LLC, CreateAdvertising Group LLC, NBC Universal, and Technicolor Inc.

REVEL AC: 3rd Circuit Allows Nightclub to Keep Lease----------------------------------------------------Jeannie O'Sullivan at Bankruptcy Law360 reported that the owner ofnightclubs housed in the shuttered Revel Hotel Casino will maintainits lease under a Third Circuit decision released on Sept. 30,2015, that formalized an emergency ruling made earlier this year,when the club pleaded to stay the venue's sale to a Floridadeveloper after it went bankrupt.

In a lengthy 2-1 precedential decision, the majority found Revel'sarguments that a stay of the sale would sabotage sales negotiationswith its now-owner Glenn Straub, cost thousands of jobs the casinoonce provided.

Revel, a Las Vegas-style, beachfront entertainment resort and casino located on the Boardwalk in the south inlet of AtlanticCity, New Jersey. Revel AC Inc. and five of its affiliates soughtbankruptcy protection (Bankr. D.N.J. Lead Case No. 14-22654) onJune 19, 2014, to pursue a quick sale of the assets. The Chapter11 cases of Revel AC LLC and its debtor-affiliates are transferredto Judge Michael B. Kaplan. The Debtors' cases was originallyassigned to Judge Gloria M. Burns. The Debtors' Chapter 11 casesare jointly consolidated for procedural purposes. Revel ACestimated assets ranging from $500 million to $1 billion, and thesame amount of liabilities.

This is Revel AC's second trip to bankruptcy. The company firstsought bankruptcy protection (Bankr. D.N.J. Lead Case No.13-16253) on March 25, 2013, with a prepackaged plan that reduced debt by $1.25 billion. Less than two months later on May 15, 2013, the 2013 Plan was confirmed and became effective on May 21, 2013.

* * *

Revel AC, Inc., et al., on April 20, 2015, filed an amended planof reorganization and accompanying disclosure statement toincorporate the terms of a settlement and plan support agreement entered into with the Official Committee of Unsecured Creditors, and WellsFargo Bank, N.A., as DIP Agent, and Wells Fargo Principal Lending, LLC, as a Prepetition First Lien Lender and DIP Lender. TheSettlement Agreement, among other things, provides that Wells Fargo agreesto give the general unsecured creditors $1.60 million of itsrecovery from the proceeds of the sale of substantially all of theDebtors' assets to Polo North Country Club, Inc., and to advance $150,000 from its recovery to fund the Debtors' reconciliation of claimsand prosecution of claims or estate causes of actions.

Early in April 2015, U.S. Bankruptcy Judge Gloria Burns approvedan $82 million sale of the Revel Casino Hotel to Polo North Country Club, Inc., which is owned by Florida developer Glenn Straub, ending nearly 10 months of contentious legal combat for controlof the Atlantic City, N.J., resort.

ROADRUNNER ENTERPRISES: Can Use Cash Collateral Until Oct. 5------------------------------------------------------------Judge Kevin R. Huennekens of the United States Bankruptcy Court forEastern District of Virginia, Richmond Division, gave RoadrunnerEnterprises, Inc., interim authority to use cash collateral throughOctober 5, 2015.

Judge Huennekens signed off a third stipulation between the Debtorand Bank of McKenney extending the period during which the Debtorcan use Cash Collateral from August 19, 2015, through and includingOctober 5, 2015. The interim order was also modified to allow theDebtor to make payment to Bank of McKenney on August 19, 2015, andOctober 5, 2015, of all Cash Collateral in excess of expendituresmade in accordance with the budget.

SAN BERNARDINO, CA: Ambac, Firefighters Oppose Plan Outline-----------------------------------------------------------The U.S. Bankruptcy Court for the Central District of California,Riverside Division, will convene a hearing on Oct. 8, 2015, at 1:30p.m., to consider the adequacy of the disclosure statement withrespect to the Plan for the Adjustment of Debts of the City of SanBernardino, California.

The hearing will take place at the United States Bankruptcy Court,3420 Twelfth Street, Riverside, CA 92501, Courtroom 301.

Several parties, including Ambac Assurance Corporation, and the SanBernardino City Professional Firefighters, Local 891 filedobjections by the Sept. 17, 2015 deadline.

Creditor Ambac Assurance Corporation points out that thelong-awaited Plan is a hodgepodge of unimpaired classes andsettlements in various stages -- some finalized, some announced butnot yet documented, and some that are hinted at but appear to bemore aspirational than real at this point. But perhaps, accordingto Ambac, the most remarkable feature of the Plan is the proposeddraconian impairment of both Class 13 POB Claims and Class 14General Unsecured Claims, on which the City has unilaterallydecided to pay distributions that "equal approximately 1%."

"[T]he City must be held to its twin burdens of both disclosure andproof that its Plan endeavors to pay creditors as much as the Citycan reasonably afford, not as little as the City thinks it can getaway with. With the current Plan, the City cannot meet either ofthose burdens. To the contrary, the City can and should do betterfor its creditors – and indeed must do so if its Plan is to beconfirmed," Ambac said.

The San Bernardino City Professional Firefighters ("SBCPF") hasrequested the Court to allow its claim for administrative priorityexpenses for wages, sick pay, accrued vacation pay, and pensionamounts due to the firefighters post-petition. The SBCPF's requesthas not yet been set for hearing. The SBCPF complains that theDisclosure Statement and Plan do not disclose how or if thefirefighters' claims for administrative expenses will be treated inthe Plan of Adjustment. The SBCPF also points out that the Cityhas failed to disclosure its efforts, if any, to generate revenuefor payment of claims.

"While it is understandable that any plan to implement new taxes orraise existing taxes may be political suicide for any City CouncilMember or the Mayor, the City cannot justify its plan to pay 1% toall of its general unsecured creditors by taking no steps toincrease revenue, even if such steps are unsuccessful," thefirefighters group said in its objection.

Limited Objections

Big Independent Cities Excess Pool Joint Powers Authority ("BICEP")filed a limited objection, noting that pursuant to a certain MasterMemorandum of Liability Coverage, BICEP provides certain insurancebenefits to the City with respect to certain claims within thescope of coverage ("Covered Claims"). According to BICEP, theDisclosure Statement does not provide adequate information withrespect to the proposed treatment of Covered Claims relative to theBICEP's obligations under the Memorandum.

The Official Committee of Retired Employees filed "limitedcomments", saying that generally supports the proposed DisclosureStatement and the Plan, but notes that these clarifications are inorder:

* The Disclosure Statement needs to clarify the City intendedtreatment of claims of retired City employees regarding unpaidpre-petition and postpetition sick leave, holiday leave, vacationleave, and other types of leave relating to their employment("Leave Claims"). To the extent that "Employee Wage and BenefitClaims" include the Leave Claims, it would be helpful for theDisclosure Statement to: (a) provide information regarding theamounts of such Leave Claims; and (b) distinguish between theproposed treatment of prepetition Leave Claims and the proposedtreatment of postpetition Leave Claims.

* Given that the Disclosure Statement was filed months beforethe City's recently reached settlement agreement with SanBernardino Police Officers Association ("SBPOA"), it is difficultto assess what impact, if any, the SBPOA settlement agreement hason the provisions of the Plan.

As reported in the TCR, the City of San Bernardino has filed a Planfor the Adjustment of Debts that involves the adjustment of claimsagainst the City of over $150 million, which includes $50 millionof unsecured bonds.

The city's plan, filed on May 14, 2015, provides for someimpairment of the City's secured bonds, and for more substantialimpairment of unsecured claims. With respect to the City's securedbondholders, the Plan provides for a payment of secured obligationsover time. With respect to unsecured claims: holders of $50million of unsecured bond claims will receive payments over time of$640,000 plus interest; and holders of general unsecured claims, inthe aggregate amount of between approximately $40 million to $50 million in claims, will receive a pro rata shareof $500,000 on or shortly after the Effective Date, for a 1%recovery.

The Plan proposes full payments into the pension fund run byCalifornia Public Employees' Retirement System, also known asCalpers, which distributes that money to thousands of retired cityworkers.

A copy of the Disclosure Statement filed May 29, 2015, is availablefor free at:

San Bernardino, California, filed an emergency petition formunicipal bankruptcy under Chapter 9 of the U.S. Bankruptcy Code(Bankr. C.D. Cal. Case No. 12-28006) on Aug. 1, 2012. SanBernardino, a city of about 210,000 residents roughly 65 miles (104km) east of Los Angeles, estimated assets and debts of more than $1billion in the bare-bones bankruptcy petition.

The city council voted on July 10, 2012, to file for bankruptcy.The move lets San Bernardino bypass state-required mediation withcreditors and proceed directly to U.S. Bankruptcy Court.

The city is represented that Paul R. Glassman, Esq., at StradlingYocca Carlson & Rauth.

San Bernardino joined two other California cities in bankruptcy:Stockton, an agricultural center of 292,000 east of San Francisco,and Mammoth Lakes, a mountain resort town of 8,200 south ofYosemite National Park.

The City was granted Chapter 9 protection on Aug. 28, 2013.

The City filed on May 14, 2015, a Plan to exit court protection. The Plan proposes to some bondholders a penny on the dollar butmaintains pension benefits for retired city workers. The Planproposes to make full payments into the pension fund run byCalifornia Public Employees' Retirement System.

Fitch estimates operating EBITDA margin was 5.3% for the latest 12months (LTM) ended June 27, 2015, versus 5.1% for the prior year,driven in part by gross profit margin expansion in the IntegratedManufacturing Solutions (IMS) segment. As a result, Fitch expectsannual FCF of more than $200 million, versus Fitch's priorexpectations of $100 million to $200 million. Nonetheless,quarterly FCF will remain uneven, given higher inventory levelsattendant with larger-scale new program ramps.

Fitch expects Sanmina will use FCF for share repurchases and smalltechnology focused acquisitions, targeting new capabilities andcustomer relationships. Acquisition activity has been minimal overthe past few years. Nonetheless, Fitch expects Sanmina willexhaust the current $200 million share repurchase authorization, as$55.7 million was available for repurchase under the programs as ofJune 27, 2015.

Fitch does not anticipate Sanmina will use FCF for further debtreduction, following roughly $475 million of debt repayments inrecent years. Fitch continues to expect Sanmina to maintain strongcredit protection measures for the rating, including total leverage(total debt to operating EBITDA) below 2 times (x) and FCF to totaldebt of more than 20%. For the LTM ended June 27, 2015, Fitchestimates total leverage was 1.3x and FCF to total debt was 40%,strengthened from 1.7x and 31% in the comparable prior yearperiod.

-- $417 million in cash and short-term investments, of which 43% ($179 million) is held within the U.S.; and

-- $348 million of availability (net of $22.4 million in LOCs and $5 million drawn) under the $375 million senior secured RCF due May 2020.

Fitch's expectation for annual FCF of more than $200 millionthrough the rating horizon also supports liquidity.

Total debt was $432.2 million as of June 27, 2015 and consisted of:

-- $5 million drawn under the company's RCF; -- $40 million loan secured by the company's corporate campus; -- $12.2 million of non-interest bearing notes; and -- $375 million of senior secured 4.375% notes due June 2019.

SANTA CRUZ: Needs Until Nov. 30 to Use Cash Collateral------------------------------------------------------Santa Cruz Berry Farming Company, LLC, asks the United StatesBankruptcy Court for the Northern District of California, San JoseDivision, to extend the period by which it has authority to usecash collateral through the earlier of Nov. 30, 2015, or the datewhen all parties agree that continued farming of the strawberrycrop is no longer viable.

In a memorandum, the Debtor asserts that it has no choice but toseek court intervention to obtain an extension of the cash useperiod. The Debtor further asserts that continuation of itsoperations presents the best opportunity for all creditors toreceive the greatest recovery on account of their claims. The useof the Cash Collateral will allow the Debtor to continue itsoperations and thereby protect the cash collateral creditors'interests, the Debtor adds.

The Official Committee of Unsecured Creditors agrees that theDebtor's continued use of cash collateral is essential to itscontinued wind-down and is necessary for the maximization of thevalue of the Debtor's estate. However, the Committee hasreservations about continuing the status quo, saying a third partyfiduciary may be necessary to oversee and manage the Debtor'swind-down of operations and Chapter 11 plan process.

Cal Coastal complains that the Debtor has not satisfied its burdento establish that adequate protection will be provided to CalCoastal's and other secured creditors' cash collateral if it isgranted the extension. Accordingly, Cal Coastal does not agree toan extension of use period to November 30, 2015, but would beagreeable to extending the use period to October 31, 2015.

Tom Lange asks the court to grant the limited use of cashcollateral only upon the adequate protection stated in itsproposal. TLC's proposed order provides, in addition to the termsand safeguards contained in prior orders, the additionalprotections: (a) the retention of an independent CRO to control theDebtor's cash and provide oversight of the Debtor's operations; (b)a covenant requiring the Debtor to perform substantially inaccordance to its budget and to avoid production where the costsexceed the revenue; (c) the mandate that cash collateral can onlybe used for actual and necessary expenses relating solely toharvesting of the existing 2015 crop -- and for no other purpose.

William S. Brody, Esq., at Buchalter Nemer, in Los Angeles,California, submitted a declaration of support on the objectionfiled by Tom Lange. Mr. Brody confirmed he sent emails to theDebtor's counsel to ask for information relating to the Debtor'soperations.

Watsonville, California-based Santa Cruz Berry Farming growsconventional and organic strawberries. The privately ownedcompanywas founded by and is currently managed by Fritz Koontz. SevenSeas Berry Sales, a division of the Tom Lange Co., is the salesagent for the Company.

SEQUENOM INC: Presented at 2015 Investor and Analyst Day--------------------------------------------------------Sequenom, Inc.'s Interim President and Chief Executive Officer Dirkvan den Boom and other members of the Company's senior managementteam, presented at the 2015 investor and analyst day in New York onSept. 28, 2015, to provide an overview of and update on theCompany. The presentation, currently posted on the Company's Website, is available for free at:

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a life sciences company committed to improving healthcare throughrevolutionary genetic analysis solutions. Sequenom developsinnovative technology, products and diagnostic tests that targetand serve discovery and clinical research, and moleculardiagnostics markets. The company was founded in 1994 and isheadquartered in San Diego, California.

"If we fail to generate enough cash flow from our operations orotherwise obtain the capital necessary to fund our operations, ourfinancial results, financial condition and our ability to continueas a going concern will be adversely affected and we will have tocease or reduce further commercialization efforts or delay orterminate some or all of our diagnostic testing services or otherproduct development programs," the Company said in its 2014 annualreport.

As of June 30, 2015, the Company had $136.6 million in totalassets, $157.6 million in total liabilities and a $21 million totalstockholders' deficit.

SNOWFLAKE COMMUNITY: Files August Periodic Report-------------------------------------------------Snowflake Community Foundation filed with the U.S. Bankruptcy Courtfor the District of Arizona a report on the value, operations andprofitability of The Apache Railway Company as of September 1,2015.

Snowflake Community is the sole owner of Apache Railway, accordingto the report, which also contains a balance sheet and a statementof income.

As of August 31, 2015, Apache Railway had total assets of $6.67million; total liabilities of $409,801 and total equity of $6.26million. The company's income statement for August 2015 showed anet income of $24,592.

Snowflake Community filed the report pursuant to Bankruptcy Rule2015.3. A copy of the report is available for free athttp://is.gd/zqLMfU

SNOWFLAKE COMMUNITY: Files July Periodic Report-----------------------------------------------Snowflake Community Foundation filed with the U.S. Bankruptcy Courtfor the District of Arizona a report on the value, operations andprofitability of The Apache Railway Company as of August 1, 2015.

Snowflake Community is the sole owner of Apache Railway, accordingto the report, which also contains a balance sheet and a statementof income.

As of July 31, 2015, Apache Railway had total assets of $6.62million; total liabilities of $381,626 and total equity of $6.23million. The company's income statement for July 2015 showed a netincome of $2,287.

Snowflake Community filed the report pursuant to Bankruptcy Rule2015.3. A copy of the report is available for free athttp://is.gd/8Pjtny

SOLAR POWER: Amends Merger Agreement with SPI Energy----------------------------------------------------Solar Power, Inc., SPI Energy Co., Ltd., a wholly owned subsidiaryof the Company, and SPI Merger Sub, Inc. ("Merger Sub"), a whollyowned subsidiary of SPI Energy, entered into an amended andrestated agreement and plan of merger and reorganization to amendand restate the agreement and plan of merger and reorganizationentered into on May 8, 2015. The only amendments made to theMerger Agreement are (i) change of number of SPI Energy ordinaryshares each American depositary share will represent from four toten and (ii) change of calculation formula for proceeds fromfractional ADSs.

A copy of the Amended and Restated Merger Agreement is availablefor free at http://is.gd/bp22Ku

About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solarenergy facility developer offering its own brand of high-quality, low-cost distributed generation and utility-scale SEFdevelopment services. Primarily, the Company works directly withand for developers around the world who hold large portfolios ofSEF projects for whom it serves as an engineering, procurement andconstruction contractor. The Company also performs as anindependent, turnkey SEF developer for one-off distributedgeneration and utility-scale SEFs.

Solar Power reported a net loss of $5.19 million in 2014, a netloss of $32.2 million in 2013 and a net loss of $25.4 million in2012.

As of June 30, 2015, the Company had $731.2 million in totalassets, $420.3 million in total liabilities and $310.8 million intotal equity.

Fitch has also upgraded the ratings of SPXC's senior secured creditfacilities to 'BBB-' from 'BB+' and assigned a Recovery Rating of'RR1' to the senior secured credit facilities, per Fitch's'Recovery Ratings and Notching Criteria for Non-FinancialCorporates issuers' (dated Nov. 18, 2014).

The Rating Outlook is Stable. The ratings cover $400 million ofsenior secured short and long term borrowings. Additionally, Fitchhas withdrawn ratings on $600 million of senior unsecured notes due2017. The notes were assumed by Flow, which is not rated byFitch.

Fitch expects SPXC's debt/EBITDA will decline to approximately 2.7x(as defined by Fitch) by the end of 2016 from 3.4x at the end of2015. The decrease in leverage will be driven by a slight increasein operating margins, the announced plans to repay $50 millionshort-term borrowings and scheduled amortization of the company'sterm loans.

SPXC and Flow will indemnify each other for liabilities arisingfrom performance guarantees prior to the spin-off of Flow. Inaddition, both companies have entered into several agreementsincluding tax matters, transaction services and employee matters.Fitch does not anticipate that SPX will incur material liabilitiesfrom the separation.

Fitch's rating concerns include an anticipated reduction in productand end market diversification, increased exposure to highlycyclical end markets, and significant underperformance andcontinued exposure to two major contracts in South Africa underwhich SPXC supplies critical components to 12 800 megawattcoal-fired plants. Fitch's other concerns include SPXC'shistorical willingness to maintain higher leverage than its statedleverage range for a prolonged period of time and its future cashdeployment strategy which has recently focused on share repurchasesand acquisitions. Additionally, Fitch is cautious regarding postspin-off SPXC's overall business strategy and growth opportunitiesas the company has primarily focused on growing its Flow Technologysegment over the past decade.

SPXC will retain all qualified U.S., Canadian, and UK pension plansincluding the participation in a multiemployer benefit plan assumedin connection with the ClydeUnion acquisition in 2011. Even thoughSPXC and Flow will maintain separate sponsorship of the non-U.S.benefit plans sponsored by respective company as of Sept. 26, 2015,Fitch assumes SPXC will retain all of the $202 million underfundedpension liabilities.

As of Dec. 31, 2014, SPX's U.S. pension plans were approximately67% funded with pension benefit obligation (PBO) of $455 million($150 million underfunded). The company's foreign pension plansare 78% funded with PBO of $240 million ($53 million underfunded).SPXC expects to contribute $16 million to its pension plans in2015. Contributions to the multiemployer benefit plan areimmaterial.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for SPXC include:

-- Low single digit revenue annual decline through 2017 with a moderate rebound in 2018; -- EBITDA margins in the range of 6.5% to 7.5% compared to 8.7%

in 2014; -- The company has suspended share repurchases and dividends during 2015. Fitch assumes the company will resume share repurchases and dividends at approximately $50 million annually beginning 2017; -- The company will generate a post dividend FCF margin at approximately 3%; -- Capital expenditures will remain steady at 1.3% of revenues annually; -- Debt will decline by the end of 2016 driven by the repayment

of the short-term borrowings and scheduled amortization of the term loan; -- The company will not make acquisitions; -- Pension contributions will not be a material cash flow item in the foreseeable future.

RATING SENSITIVITIES

Fitch may consider a negative rating action if debt / EBITDA doesnot decline below 3.0x during 2016 or FFO adjusted leverage remainsabove 4.0x as a result of weak operating results or debt-fundedacquisitions or share repurchases. Additionally, Fitch mayconsider a negative rating action if the company does not repay itsshort-term borrowings by fiscal 2016 or if the Medupi and Kusileprojects in SPXC's Power segment result in significant unexpectedlosses.

Fitch views a positive rating action as unlikely in the near termdue to concerns related to recent revenue pressures in thecompany's various end markets and weaker than anticipated operatingresults. A positive rating action will be contingent upon thecompany defining its cash deployment strategy and resolvingexposure to the Medupi and Kusile projects in South Africa.

LIQUIDITY

Fitch expects the company's liquidity will be adequate for theratings. SPXC has entered into a new five-year $1.2 billion seniorsecured credit agreement comprised of a $350 million revolver, $350million Term Loan A, and $300 million participation and $200million bilateral Foreign Credit Instrument Facilities (forperformance letters and guarantees). SPXC anticipated havingapproximately $350 million liquidity consisting of $50 million incash and $300 million availability under its $350 million revolvingcredit facility immediately following the spin-off on Sept. 26,2015. Fitch expects the company's liquidity will remain in therange of $350 million to $500 million over the next several years.

SPX CORP: Moody's Withdraws 'Ba2' Corporate Family Rating---------------------------------------------------------Moody's Investors Service has withdrawn all ratings on SPXCorporation (Corporate Family Rating Ba2, Probability of DefaultBa2-PD).

RATINGS RATIONALE

The ratings withdrawal reflects the absence of rated debt at SPXCorp. The company's $600 million senior unsecured notes rated Ba3have been legally transferred to and assumed by SPX Flow (CorporateFamily Rating Ba2, Probability of Default Ba2-PD) as part of thespin-off transaction from SPX Corp. These notes are outstandingunder the new obligor and continue to be rated Ba3.

SPX Flow is comprised of three segments: food and beverage, powerand energy, and the industrial segment. Annual revenues for 2015are anticipated by Moody's to be under $2.5 billion.

Based in Charlotte, North Carolina, SPX Corporation is a leadingsupplier of highly engineered HVAC products, detection andmeasurement technologies and power equipment. With operations inabout 20 countries, SPX Corporation has approximately $2 billion inannual revenues and approximately 6,000 employees worldwide.

The following ratings have been withdrawn:

SPX Corporation

-- Corporate Family Rating, Ba2

-- Probability of Default, Ba2-PD

-- Speculative Grade Liquidity Rating, SGL-3

SUMMIT STREET: Plan to Pay Off Creditors in Five Years------------------------------------------------------Summit Street Development Company, LLC, has filed a reorganizationplan that proposes to (i) pay creditors in full via installmentpayments for five years, and (ii) let majority owner Harry H.Hepler retain control of the company if the plan is accepted byunsecured creditors.

The Plan specifically treats claims and interests as follows:

-- The $4.71 million secured debt to Wolverine Bank (Class 1)will be paid with monthly payments of interest for the first year,monthly payments of principal throughout the remainder of afive-year term, with the balloon payment on the fifth anniversaryof the Effective Date.

-- Holders of allowed general unsecured claims (Class 2), whichis scheduled in the amount of $386,000, will be paid 100% theirallowed claims, payable in five annual installments, with the firstpayment on or before 60 days after the Effective Date.

-- Holders of equity interests (Class 3) will be treated in oneor two alternative methods:

(i) If Class 2 votes to accept the Plan, the holders ofClass 3 interests will retain their interests.

(ii) If Class 2 votes to reject the Plan and the Plan isnonetheless confirmed, the interests of the Debtor will becancelled and the interests of the Reorganized Debtor will be soldat an auction.

Additionally, Mr. Hepler has agreed to continue supporting Debtor'son-going operations to the extent necessary, including funding anydeficiency of plan payments and operating expenses to the extentsuch payments and expenses cannot be funded from Debtor's revenues.

The Debtor owes companies owned by Mr. Helper, namely, Motor WheelLofts, LLC, East Grand River, LLC and H, Inc., $177,106, $32,642,$68,948, respectively, for accommodations and loans made before thePetition Date. The Plan subordinate repayment of these amounts toall non-insider claims, and no payments will be made untilReorganized Debtor satisfies all non-Insider Claims in full asrequired by the Plan.

H, Inc., manages the Debtor's property and earns 5% of gross rents. This amount has been paid during the Chapter 11 Case and willcontinue to be paid after Confirmation.

According to the Plan, the Debtor may sell substantially allProperty only if the Bank's Debt is fully satisfied through thetransaction. The Debtor may subdivide the Property and seek Bank'sconsent or Bankruptcy Court authorization to sell any portion ofthe Property free and clear of the Bank's mortgage and Liens. Absent the Bank consent, such authorization shall be granted onlyif the Debtor satisfies the requirements under Section 363 of theBankruptcy Code, including providing the Bank with adequateprotection of its interests in the Property.

Summit Street Development, L.L.C., operates a commercial officespace within the historically adapted Prudden Tech Centre at 700May Street in the City of Lansing, County of Ingham, State ofMichigan. The facility includes approximately 124,000 square feetof leasable space and 850 parking spaces.

The current office tenants are C2AE and H Inc. H Inc. hascommitted to executing a new lease for the white-box space as it iscompleted. Additionally Gym space will be rented on an hourly orper event basis by Summit Street to the public.

The Debtor, in amended schedules, disclosed $10,728,442 in assetsand $5,095,775 in liabilities as of the Chapter 11 filing.

SUNDIAL GROUP: Moody's Assigns 'B3' Corporate Family Rating-----------------------------------------------------------Moody's Investors Service assigned a first time B3 Corporate FamilyRating (CFR) and Caa1-PD Probability of Default rating to SundialGroup LLC. Moody's also assigned a B3 rating to the senior securedrevolving credit facility and senior secured term loan of SundialGroup Holdings LLC. Proceeds of the issuance will be used to fundBain Capital's acquisition of a 49% stake in the company.

Sundial's B3 CFR reflects its modest scale, limited operatinghistory at current sales levels, concentration in a nichesub-segment of the haircare category, and weak free cash flow.While revenue growth has been very strong in recent years, Moody'sbelieves that this is largely a function of the company's earlystage in its lifecycle and as the company matures, and Moody'sexpects the company's rate of growth to slow over time. Revenuesand earnings are vulnerable to changing customer preferences andcompetition -- in particular from much larger, better capitalizedplayers in the personal care category. Moody's projects thatSundial's moderate financial leverage will decline over the next 12to 18 months as it continues to grow and penetrate additionaldistribution channels. Deleveraging will be primarily throughearnings growth, as the company generates very modest free cashflow since most of its products are manufactured in-house. Risksinclude increasing competition in the multicultural personalhaircare category and event risk under partial financial sponsorownership.

Sundial's stable outlook reflects Moody's expectation that thecompany will continue to operate at a small scale and have highproduct concentration, but will continue to post stable revenuegrowth and modest free cash flow.

The ratings could be downgraded if Sundial's revenue and EBITDAdeteriorate as a result of declining market share, retaildistribution or pricing. Debt funded acquisitions or shareholderdistributions or a deterioration in liquidity could also contributeto a downgrade. Sustained debt to EBITDA leverage above 6.0x couldalso prompt a downgrade.

An upgrade would require that the company improve its scale andproduct diversity and demonstrate a longer-term track record ofprofitable growth. Sundial would also need to maintaindebt-to-EBITDA leverage below 4 times to support an upgrade.

Sundial Group Holding LLC is an Amityville, NY-based manufacturerof beauty and personal care products including lotions, washes,soaps, , haircare and baby products. Its key brands focus onserving the needs of changing demographics within the personal carecategory. In October 2015, Bain Capital plans to acquire a 49%stake in the company.

SunOpta is proposing a US$450 million acquisition of SunriseGrowers Inc., financed with US$100 million of common equity, andUS$330 million of senior secured second-lien notes.

As a result, S&P is also assigning its 'B' issue-level rating, and'4' recovery rating to the company's US$330 million senior securedsecond lien notes due 2022. The '4' recovery rating indicatesS&P's expectation of average (30% to 50%; upper half of the range)recovery, in the event of default.

"The ratings on SunOpta reflect what we view as the company's weakbusiness risk profile, characterized by the company's positionwithin the relatively small but fast-growing industry of sourcing,processing, and packaging of organic and non-GMO grains and fruitingredients," said Standard & Poor's credit analyst Donald Marleau.

S&P assesses SunOpta's business risk profile as "weak," owing tothe company's limited competitive advantage as a small producer inthe fragmented global ingredients industry, which iscounterbalanced by the attractive growth prospects of its focusarea in organic, non-GMO food products. SunOpta's businesssegments include the global sourcing of ingredients for resale, aportion of which also supplies the company's consumer productssegments that makes on-trend healthy beverages, frozen fruit, andsnacks, and sells inputs and consumer products to larger foodmanufacturers, retailers, and foodservice companies. Theacquisition of Sunrise will add a leading provider of frozen fruit(predominantly strawberries) that serves private-label retail andfood service.

The stable outlook is predicated on SunOpta's integration of theSunrise acquisition, which S&P believes should boost margins andpush leverage below 5x in 2016.

S&P could lower the rating if SunOpta's EBITDA interest coveragedeteriorated to below 2x, which S&P believes would expose thecompany to potentially higher debt levels for working capitalswings and weaker liquidity. Considering the low fixed-assetintensity of its business and low capital expenditure requirements,S&P believes that such a scenario would incorporate adjusted EBITDAmargins below 5%, indicating weak performance in its coreoperations or problems integrating acquisitions.

S&P could raise its rating on SunOpta if the company integrates theSunrise acquisition, such that leverage drops below 4x. S&Pbelieves that such a scenario would be consistent with higheradjusted EBITDA margins of about 9%, as well as some free cash flowfor debt reduction after working capital investments.

At the same time, Standard & Poor's assigned its '3' recoveryrating to senior unsecured notes. The '3' recovery ratingcorresponds with meaningful (50%-70%, at the upper half of therange) recovery in our simulated default scenario.

S&P estimates the company will generate free operating cash flowdeficits in this period above S&P's previous expectations, whichincorporate its assumption of continuing high capital expenditures,notably related to its Fort Hills oils sands partnership. As such,S&P believes Teck will increasingly draw on its credit facilitiesstarting next year, contributing to estimated prospective leverageratios materially above its threshold for the previous rating.

"In our view, slowing Chinese demand and excess industry capacitywill continue to weigh on metallurgical coal prices in the nearterm. In our opinion, a significant share of global metallurgicalcoal capacity is operating at or below break-even cash flow levelsof profitability, which we believe is unsustainable. We continueto expect the industry to further curtail supply, translating intomodestly higher prices next year. However, we acknowledge thatsignificant announced capacity reductions have not translated intoan improved industry supply-demand balance to date. In our view,continuing soft or slowing industry demand remains a key risk, notonly for metallurgical coal, but also copper and zinc prices. Inthis scenario, we believe Teck's financial flexibility could bematerially constrained," S&P said.

S&P also assumes Teck will continue to fund large capitalexpenditures related to its Fort Hills oil sands partnership, withno change in its 20% ownership stake.

The negative outlook on Teck primarily reflects the potential thatweak market fundamentals for its core commodity segments, whichinclude metallurgical coal, copper and zinc, persist or furtherdeteriorate in 2016, and could lead to a lower financial riskassessment on the company. S&P estimates the company'sweighted-average, adjusted debt-to-EBITDA of about 5x and averageFFO-to-debt below 12% over the next two years, which are weak forS&P's financial risk assessment on the company.

S&P could lower the ratings on Teck if S&P expects the company togenerate weaker-than-expected earnings and higher-than-expectedfree cash flow deficits next year. In this scenario, S&P wouldexpect Teck to realize lower prices or generate reduced output atcertain of its core commodity segments relative to S&P'sassumptions, resulting in an estimated adjusted debt-to-EBITDAratio sustained above 5x.

S&P could revise the outlook to stable if it expects Teck togenerate a sustained adjusted debt-to-EBITDA below 5x. In S&P'sview, the company would need to generate improvement in earningsand cash flow, most likely from a greater-than-expected increase inthe prices of its core commodities, leading to reduced free cashflow deficits and draws on its credit facilities.

At the same time, S&P affirmed Tesoro Logistics L.P.'s (TLLP)corporate credit rating of 'BB' and revised the outlook topositive. TLLP's senior unsecured issue rating of 'BB' is affirmedand the recovery rating of '4' is unchanged. The '4' recoveryrating indicates that lenders could expect average (30% to 50%;upper half of the range) if a payment default occurs.

Although the cost burden from more stringent regulation inCalifornia remains a key risk factor for the rating, Tesoro hasbeen able to pass this cost on to customers without much effect ondemand or margins. Although S&P believes demand for refinedproducts could moderate during the next 12 months, it do not expectthe effect to materially influence consolidated credit measures.

S&P forecasts Tesoro to maintain consolidated debt to EBITDAbetween 1.5x to 1.8x, interest coverage of 12x to 14x in 2016 andthat the company will maintain leverage of 2x or less under mostrefining cycles. S&P views Tesoro's California asset concentration(about 60% of refining capacity) as riskier than its morediversified peers, but believe the company's ability to manage therisk and maintain appropriate credit measures in the future couldoffset some of the weaknesses. Nevertheless, S&P will continue tomonitor the financial effect of these regulatory risks in itsprojections.

The positive outlook on Tesoro Corp. reflects S&P's expectationthat there is at least a one-in-three chance it could raiseTesoro's rating one notch during the next 18 to 24 months if thecompany continues to manage carbon tax regulation, achievesynergies and enhance margins at its California refineries, notmeaningfully increase consolidated financial leverage beyondcurrent levels, expand its midstream business through TLLP, andmaintain ample liquidity.

The positive outlook on TLLP is tied to the positive outlook onTesoro, and reflects that S&P could raise TLLP's rating one notchto 'BB+' if S&P upgrades Tesoro during the next 18 to 24 months.

TRACK GROUP: Signs $5 Million Loan Agreement with Sapinda---------------------------------------------------------Track Group, Inc., on Sept. 25, 2015, entered into a Loan Agreementwith one of the Company's related parties, Sapinda Asia Limited toprovide the Company with a $5 million line of credit that accruesinterest at a rate of 3% per annum for undrawn funds and 8% perannum for borrowed funds.

Pursuant to the terms and conditions of the Loan Agreement,available funds may be drawn down at the Company's request at anytime until the Loan Agreement matures on Sept. 30, 2017, when allborrowed funds, plus all accrued but unpaid interest will becomedue and payable. The Company, however, may elect to satisfy anyoutstanding obligations under the Loan Agreement prior to theMaturity Date without penalties or fees.

SecureAlert incurred a net loss attributable to the Company'scommon stockholders of $18.9 million for the year ended Sept. 30,2013, following a net loss attributable to the Company's commonstockholders of $19.9 million for the fiscal year ended Sept. 30,2012.

As of June 30, 2015, the Company had $55.80 million in totalassets, $38.24 million in total liabilities and $17.55 million intotal equity.

Hansen, Barnett & Maxwell, P.C., in Salt Lake City, Utah, issued a"going concern" qualification on the consolidated financialstatements for the year ended Sept. 30, 2013. The independentauditors noted that the Company has incurred losses, negative cashflows from operating activities, notes payable in default and hasan accumulated deficit. These conditions raise substantial doubtabout its ability to continue as a going concern.

TROCOM CONSTRUCTION: Has Authority for Continued Cash Use---------------------------------------------------------Judge Nancy Hershey Lord of the United States Bankruptcy Court forthe Eastern District of New York gave Trocom Construction Corp.continued authority to use cash collateral on a final basis throughand including September 30, 2015.

Judge Hershey held that the continued final use of cash collateralpursuant to an authorized budget for the month of September isessential for the operation of the Debtor's business and in thebest interest of the Debtor's estate.

About Trocom Construction

Trocom Construction Corp. was formed in 1969 by Salvatore Trovato.

The Company is in the heavy construction business. Its primarycustomer is the City of New York through its various agencies. TheCompany has 75 employees, the majority of whom are members ofvarious unions. Joseph Trovato is presently the president andholder of 100% of the voting shares of Trocom.

Kurtzman Carson will also be reimbursed for reasonableout-of-pocket expenses incurred.

The Debtors provided Kurtzman Carson a retainer in the amount of$15,000.

Evan Gershbein, senior vice president for Corporate RestructuringServices of Kurtzman Carson, assured the Court that the firm is a"disinterested person" as the term is defined in Section 101(14) ofthe Bankruptcy Code and does not represent any interest adverse tothe Debtors and their estates.

USA Discounters was founded in May 1991. in the City of Norfolk,Virginia, under the name USA Furniture Discounters, Ltd. It soldgoods through two groups of stores -- one group of specialtyretail stores operating under the "USA Living" brand, typically instandalone locations, and seven additional retail stores operatingunder the "Fletcher's Jewelers" brand, typically in major shoppingmalls.

-- assisting the Debtors and their other advisors in analyzing any strategic alternatives for maximizing the value of their assets;

-- serving as the principal constituents/creditors with matters; and contact with the Debtors' key respect to financial and operational

-- performing such other services in connection with these chapter 11 proceedings as reasonably requested or directed by the Board, consistent with the role played by Alvarez & Marsal in this matter and not duplicative of services being performed by other professionals in these proceedings.

In accordance with the terms of the Engagement Letter, A&M will bepaid by the Debtors for the services of the Engagement Personnel attheir customary hourly billing rates with the exception of the CEOand CFO Alvarez & Marsal and the Debtors have agreed that theDebtors will pay A&M a flat rate of $75,000 per 28 day period inreturn for the services rendered to the Debtors by the CEO and$108,000 per 28 day period for the services rendered to the Debtorsby the CFO. The current hourly billing rates for AdditionalPersonnel, based on the position held by such Additional Personnelat Alvarez & Marsal, are subject to the following ranges:

Alvarez & Marsal will also be reimbursed for reasonableout-of-pocket expenses incurred.

Alvarez & Marsal received $273,000 as a retainer in connection withthe engagement Letter. Prior to the Petition Date, Alvarez & Marsalreceived retainers and payments totaling $7,458,996 in theaggregate for services performed for the Debtors.

Joseph J. Sciametta, managing director of Alvarez & Marsal, assuredthe Court that the firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.

USA Discounters was founded in May 1991. in the City of Norfolk,Virginia, under the name USA Furniture Discounters, Ltd. It soldgoods through two groups of stores -- one group of specialtyretail stores operating under the "USA Living" brand, typically instandalone locations, and seven additional retail stores operatingunder the "Fletcher's Jewelers" brand, typically in major shoppingmalls.

WAVE SYSTEMS: Announces Convertible Bridge Loan Financing---------------------------------------------------------Wave Systems Corp. has completed an unsecured convertible bridgefinancing consisting of a $490,000 convertible bridge instrumentthat is required to be repaid on or before Dec. 24, 2015, with arepayment amount of $588,000. Noteholders were issued warrants topurchase up to 1,225,000 shares of Wave's Class A common stock atan exercise price of $0.18 per share. These warrants cannot beexercised for a period six months after the effective date of thetransaction and the warrants expire in September 2020.

If Wave fails to pay the repayment amount by the repayment date,the holders may (but are not required to) elect to convert thebridge investment into shares of our Class A common stock at aconversion rate based on the repayment amount divided by an amountequal to the lesser of $0.168 and 80% of Wave's VWAP for the 5trading day period prior to the date on which the conversionelection is made. The bridge securities may not be converted intomore than 19.9% of the outstanding common shares immediatelypreceding the transaction, unless a shareholder approval isobtained by Wave. The investors were granted resale registrationrights in respect of the common stock issuable under theconvertible bridge securities and warrants.

Security Research Associates acted as the placement agent inconnection with the offering and will receive (i) a cash payment of$29,400 and (ii) warrants to purchase up to 73,500 shares of ourClass A common stock at an exercise price of $0.18 per share. Thesewarrants cannot be exercised for a period six months after theeffective date of the transaction and these warrants expire inSeptember 2020.

About Wave Systems

Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX) --http://www.wave.com/-- develops, produces and markets products for hardware-based digital security, including security applicationsand services that are complementary to and work with thespecifications of the Trusted Computing Group, an industrystandards organization comprised of computer and devicemanufacturers, software vendors and other computing productsmanufacturers.

Wave Systems reported a net loss of $12.9 million in 2014, a netloss of $20.3 million in 2013 and a net loss of $34 million in2012.

KPMG LLP, in Hartford, Connecticut, issued a "going concern"qualification on the consolidated financial statements for the yearended Dec. 31, 2014. The independent auditors noted thatWave Systems Corp. has suffered recurring losses from operationsand has a net capital deficiency that raise substantial doubt aboutits ability to continue as a going concern.

WET SEAL: Seeks Nov. 30 Extension of Solicitation Period--------------------------------------------------------Seal123, Inc., f/k/a The Wet Seal, Inc., and its debtor affiliatesask the United States Bankruptcy Court for the District of Delawareto extend their exclusive period for the solicitation andacceptance of their Chapter 11 plan through and including November30, 2015.

The Debtors tell the Court court that they, together with theOfficial Committee of Unsecured Creditors, are proceedingexpeditiously toward confirmation of the Plan, with a confirmationhearing set for October 30, 2015. The Debtors seek to extend theSolicitation Period a month after the hearing on confirmation ofthe Plan, without prejudice to the Debtors' right to seek a furtherextension of the Solicitation Period, as may be appropriate underthe circumstances. The Debtors believe that there is broad supportfor confirmation of the Plan, and submit that the requestedextension of the Solicitation Period is both appropriate andnecessary.

As previously reported by the Troubled Company Reporter on Aug.14,2015, the Plan provides for the creation of a Liquidation Trustthat will administer and liquidate all remaining property of theDebtors after the payment of certain fees and expenses. The Planalso provides for Distributions to certain Holders of SecuredClaims, Administrative Claims, Professional Fee Claims, PriorityClaims, and General Unsecured Claims, and for the funding of theLiquidation Trust.

The Plan further provides for the cancellation of all EquityInterests in the Debtors, the dissolution and wind-up of theaffairs of the Debtors, and the transfer of any remaining Assetsofthe Debtors' Estates to the Liquidation Trust. Under the Plan andpursuant to a Global Plan Settlement, for purposes of voting anddistribution in connection with the Plan, the Debtors will besubstantively consolidated, meaning that all of the Assets andliabilities of the Debtors will be deemed to be the Assets andliabilities of a single entity.

Versa Capital Management, LLC, and its affiliate, Mador Lending,LLC, which was selected as the successful bidder at an auction, isbeing advised by Greenberg Traurig LLP, Klehr Harrison HarveyBranzburg LLP, and KPMG LLP.

The U.S. Trustee has appointed an Official Committee of UnsecuredCreditors. The Committee retained Pachulski Stang Ziehl & JonesLLP as its counsel and Province Inc. as its financial advisor.

The Wet Seal, Inc., changed its name to "Seal123, Inc." on April 17, 2015, in accordance with the asset purchase agreementwith Mador Lending, LLC, an affiliate of Versa Capital Management,LLC, as buyer.

ZOGENIX INC: Attends Leerink Partners' Meetings-----------------------------------------------Beginning on Sept. 29, 2015, representatives of Zogenix, Inc. willbe attending meetings with investors and others in connection withLeerink Partners' Fourth Annual Rare Disease Roundtable in New YorkCity, New York. Copies of the slides to be used at these meetingsis available for free at http://is.gd/zOGUtH

About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego andEmeryville, California, is a pharmaceutical companycommercializing and developing products for the treatment ofcentral nervous system disorders and pain.

Zogenix reported net income of $8.58 million in 2014 following anet loss of $80.85 million in 2013.

As of June 30, 2015, the Company had $246.7 million in totalassets, $138.6 million in total liabilities and $108.1 million intotal stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2014, citing that the Company'srecurring losses from operations and negative cash flows fromoperating activities raise substantial doubt about its ability tocontinue as a going concern.

[*] Chadbourne's Zink to Head McCarthy Fingar's NY Bankr. Practice------------------------------------------------------------------McCarthy Fingar, LLP, one of the Hudson Valley's most distinguishedlaw firms, on Oct. 1 disclosed that attorney N. Theodore Zink, Jr.has joined the firm as a partner. Mr. Zink, formerly of Chadbourne& Parke, LLP in New York City, will lead McCarthy Fingar's newBankruptcy, Workouts & Creditors' Rights practice group. He willalso join the firm's Corporate & General Business and ExemptOrganizations groups.

Mr. Zink has more than 27 years of experience in bankruptcy,workouts, and creditors' rights, with additional expertise instructured finance, general corporate and transactional matters,and legal issues unique to private clubs and non-profits. He hashandled various bankruptcy matters and troubled credit workouts,including the representation of debtors in pre-packaged andconventional Chapter 11 cases; advising agent banks in theout-of-court restructuring of syndicated facilities; representingsecured and unsecured lenders in Chapter 7, Chapter 11, andcross-border insolvencies; and advising directors and otherfiduciaries of troubled companies and debtors in possession. Hehas also handled numerous insolvency matters involving the energyand media industries.

Mr. Zink is the author of several legal journal articles and anactive member of the American Heart Association, Larchmont Chamberof Commerce, and New York Association of Business Brokers, amongother organizations. He earned his J.D. from Washington UniversitySchool of Law, an M.B.A. from Washington University Graduate Schoolof Business, and a B.B.A. from the University of Notre Dame.

"Ted is a highly accomplished attorney in bankruptcy, workouts andcreditors' rights, and his vast experience will be invaluable tohis clients," said McCarthy Fingar co-administrative partner HowellBramson. "His addition to McCarthy Fingar underscores our firm'scontinued commitment to excellence and growth. We are thrilled tohave someone of Ted's stature and expertise form a new Bankruptcy,Workouts & Creditors' Rights practice group and enhance our firm'sCorporate & General Business, and Taxation groups."

Now in its 70th year of practice, McCarthy Fingar continues todemonstrate its ability to grow and accomplish strategicacquisitions. Over the years, the firm has earned a strongreputation for offering preeminent legal services to clients in NewYork, New Jersey, and Connecticut. McCarthy Fingar counselsclients in a wide range of matters, including financial, banking,manufacturing, real estate development and lending, litigation,taxation, trusts and estates, private equity capital, intellectualproperty, family and collaborative law, mediation, and its recentlyacquired land use and municipal law practice.

About McCarthy Fingar, LLP

McCarthy Fingar, LLP has provided legal services in theMetropolitan New York area and the Hudson Valley region for morethan 70 years. Based in White Plains, New York, the firm boasts adistinguished staff of more than 27 lawyers with diverse areas ofconcentration, making it a leader in the legal and businesscommunities. McCarthy Fingar provides legal counsel in a widerange of practice areas, including appellate practice, businesslitigation, medical malpractice, estates and trusts, matrimonialand family law, banking, and taxation.

[*] Real Estate Bankruptcies Down in Jan. to Aug. Period--------------------------------------------------------Aleksandrs Rozens, writing for Bloomberg News, reported that singleasset real estate debtors accounted for 17% of the 776 Chapter 11cases with debt of $1 million and up that sought court protectionbetween the January and August period.

According to the report, the number is down 21% from the 858Chapter 11 bankruptcy cases in the same period a year ago. Thereport added that 84%, or 114, of the 137 real estate cases seen inthe first eight months of the year had liabilities of $1 million to$10 million. July has been the most active month when it comes tosingle asset real estate filings, the report said.

*********

Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuerspublic debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than $3 pershare in public markets. At first glance, this list may look likethe definitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to nation's bankruptcy courts. The listincludes links to freely downloadable images of these small-dollarpetitions in Acrobat PDF format.

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Monthly Operating Reports are summarized in every Saturday editionof the TCR.

The Sunday TCR delivers securitization rating news from the weekthen-ending.

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